Technical view by Nooresh

16k Done.What next … Lets wait for noise of 21k grow stronger to get cautious!

Sensex Technical View :

For a brief moment Sensex did touch 16k !! But the volumes are still not convincing which indicates there is lack of strength in the index to take it to 17.5-18k in the current upmove and we may see consolidation or dips from 16050-16500.
The important short term levels on downside are 15500 the breakout point and the recent lows of 14750. Only a break below the above levels can confirm a change in trend in simpler terms. So no need to make quick conclusions with intra day corrections or some sessions of consolidation.
Continue to trade stock specific with long bias but a strict stoploss and trailing stoploss to conserve profits. Hope traders would have accumulated lot of profits in last few months !!! we have been heavily long ever since 9.5-10k.Now its time to conserve those gains in this 16.5 or 17.7k upsides.
Will stick to stock specific views and lesser updates on Index unless we break below 15.5k.
Stocks to watchout for :
RCOM and PFC can exit on rise at cost or small gains. Rolta, Alstom keep trailing.
Sterlite keep a stop of 655 if taken position at 670. Kotak did the tgts whereas Hind Zinc dint move much.
The client trades continue to go on superb but cant disclose open positions :) but wait for the monthly trade report.
Mercator Lines and IOB charts posted . Look good for short term on breakout.
Rolta if stays above 165 can head to 175/190 in quick time.
Maharashtra Seamless above 265 if stays can tgt 285-300 in short term.
PSL Ltd, Nilkamal Ltd , Manugraph look interesting with long term view. PSL may move up in the short term as well to 150.
RUMOURs and Badhi Baatein ! TAKE UR OWN CALL .... No
Nagarjuna Agrichem the rumour mills suggest strong upmove in next 1-2 mths as agro based listed options are limited.
VBC ferro is another power story which can get re-rated with so much of power IPOs.
J Kumar Infra could go IRB way and notch new highs. Century Textiles will soon catch up on the bandwagon as cements and realty both sectors r booming.
ANALYSE INDIA seminar - August 9th
‘SENSEX – the next MULTIBAGGER’ …a technical view
Check details here and mail to to register.

VERY FEW SEATS LEFT so confirm at the earliest.

Best Regards,



Article by Nooresh Merani

Nooresh has written 2531 articles.

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