Technical Analysis of Indian Equities by Nooresh


Goldman Sachs fraud – Sensex pulls back from 18k

Sensex Technical View :

The last few days have been consistently mentioning that one should avoid leverage positions ( futures,margin trading ). With the dip of 600-700 points from the top this strategy would have insulated traders. Had discussed about Sensex could take a pause around 18k a few days back.

Technically Sensex should see a bounce from either 17300/17000 support levels.The intermediate trend remains positive till 16900 holds. Short term volatility would remain. Buying on dips in the above range could give good returns on the index. Bounce backs would face resistance at 17800.


Stocks to watchout for :

Buy Alembic Ltd around 46-49 with a medium term view tgt 60.

Continue to hold on Apollo Hospitals with long term tgt 850 ++

Market buzz suggests SREI infra to be bought in dips to 76/70 with 3 months view the stock could do 90.

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Article by Nooresh Merani

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{ 7 comments… add one }
  • Asawari I. April 19, 2010, 08:47

    I have stuck very badly with 300 IFCI @91, 300 RNRL @146 & 296 RCOM @392 for long time. Can you pls advise??

    • nooresh April 19, 2010, 12:49

      Hi Asawari ,

      I dont think so you have many options. Would advise IFCI to average at 48-45 zone with a 3-6 mths tgt 60.

      RNRL and RCOM would not advise averaging. Also do look into the portfolio in totality then on stock by stock basis.



  • ananda babu April 19, 2010, 13:29

    Dear Nooreshji, I am one of the many investor who have benefited immensly from your advice. I have bought Goa carbon at 111.2 and did not cut my position when stoploss was hit. Is it advisable to hold for some more period as I dont want to bookloss which may sound incorrect. Also your levels about the market is awesome, may I request you to indicate corresponding Nifty levels in your analysis pl

    • nooresh April 20, 2010, 04:18

      Goa Carbon you can remain invested the stock would be back to 112-115 in short term where you can look to reduce partial position.

      Nifty levels posted πŸ™‚



  • Asawari I. April 20, 2010, 03:41

    Thanks Nooresh… I am really trapped in these 3 stks.. Well, my portfolio contains stks recommended by you on your blog like core projects, dcb, hcl insys, gtl infra in small qty.

    • nooresh April 20, 2010, 04:19

      You can be patient with hope. As i am not so bullish on Rcom, RNRL but very bullish on IFCI in the long run.

      Rest dcb, core is fine . Hcl infsys u can shift.

  • Asawari I. April 20, 2010, 04:51

    Many thnks Nooresh. Will do accordingly.


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