Technical view by Nooresh

Sensex 16900-17200 or 17700-18000 ?? Be cautious and stock specific

Sensex Technical View :

Sensex has crossed the rising wedge level of 16300 odd and its difficult to say whether this should be termed a breakout or a false move to the one similarly seen in January 2008.
In either case the risk-reward is slowly shifting away from index on the long side. So one can continue to book profits slowly or keep trailing stoplosses. A significant technical resistance is only at 17700 ( previous tops ).
Continue to be stock specific till index doesnt show reversal signals. From here on expect moves to be very selective and stock specific then broad based.
Stocks to watchout for :
Havells and Jupiter Bio charts and view posted.
Medium term investors can look into following stocks to buy in pyramid manner. Have not performed in the current bounce so downside risk is lower.
Cranes Software
KEI Inds
Sharyans Resources
J K Agri Genetics
Please do your fundamental research as the above stocks do look interesting on a quick research.
Genus Power buy arnd 207-212 stop of 201 tgt 225-240 in short to medium term.
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Article by Nooresh Merani

Nooresh has written 2532 articles.

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