Technical view by Nooresh

No Follow up Buying or Selling seen… Difficult to trade

Sensex Technical View :

Sensex seems to be indecisive on whether to head towards 16100 or 17700-18000 with wild gyrations in the near term.
No follow up buying or selling seen !! Continue to wait and watch let the markets decide !
Stocks to watchout for ;
Yet again trading has become difficult as breakouts are not being followed up with price and volumes so is a breakdown not seen with volumes.
Such volatile movements are very difficult to trade so would suggest to reduce volumes till further clarity is seen.
Investment Picks ;
The stock looks good with a medium term perspective, Auto ancillary stocks are bound to see better prospects in new few quarters. Book value of 80 + and decent business looks interesting. Buy on declines 35/31/27
Revathi Equipments seeing higher volumes then usual. Seems something cooking .. Investors can take small exposure for low risk low returns way.
Punters expecting huge moves in Energy Development Corporation in weeks to come.... Risky players can keep a track...
Mutliple tops seen around 365-368 zone. Buy on crossover above 368 with volumes or on close above 375 for a target of 400 + in short term.
OCT 10-11 Mumbai
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Best Regards,

Article by Nooresh Merani

Nooresh has written 2531 articles.

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