Technical view by Nooresh

15200 or 16200 levels which will decide next move !!

Sensex Technical View :

Profit Booking/Delivery based Selling/Basket whatever be the name but yes after a long time index saw correction which did not seem to have basis in global cues. Such a reaction should be taken seriously and one needs to watch if the current move does see follow up selling for 1-2 weeks or if breaks the crucial levels else we may even term it a healthy correction.
The short term trendline supports come in at 15200 ( will keep getting higher)
Gap support at 15275-15350.
The rising wedge trendline comes to around 14600-14800.
Traders should keep a stoploss of 15200 on closing basis or sustaining basis in the day alongwith stock specific stoplosses/trailing stoplosses.
Above all i would yet again mention to avoid leverage and also to take some profits of the table ( take some cheques home after such a good 3-5 months all of us had )
Stocks to watchout for :
Ador Fontech only for long term investors, Essel Propack looks good for medium term, Macmillan hold and add on declines , HOCL wait.
Book profits in stock advised which are up by 20-25% and for short term keep a stoploss of 5-8% in open positions. IFCI stop 52.
Be vERY strict with stoplosses and portfolio conservation is equally important.
Somehow every stock with guj as a prefix looking good technically .... GIPCL , GSPL , GMDC, Guj Flouro ( recommended to clients at 156 today did 173 )
Guj Alkalies if manages to stay above 118 expect a move to 129/140 levels in short term. Stoploss 113.
Amar Raja batteries ( above 137 ) Easun Reyrolle , Macmillan ( 75 closing for 2 days ) have seen very large volumes in past few sessions. Traders can keep a watch if markets stable out in thiss week.
Fundamental views needed on Four Soft , El Forge, Clutch Auto , Bharat Seats . very small caps but interesting on charts.
SENSEX the next Multibagger ....a technical view - Analyse India Seminar
Tentatively scheduled - 13 September Ahmedabad. Mail to for details/confirmation.Venue will be put up by Friday. Pass on the word to interested people.
Best Regards,

Article by Nooresh Merani

Nooresh has written 2532 articles.

You can follow Nooresh Tech on Facebook and Twitter here.

{ 0 comments… add one }

Leave a Comment