Technical Analysis of Indian Equities by Nooresh

Mid-Cap Banking stocks look good… Shipping warming up for a move.

Sensex Technical View :

View remains the same as yest

Will 50 dema and 17400-17300 hold this time. Possibly yes ! … Buying can be done in two parts at 17300-17400 and 17000 with a stoploss of 16900 and possible target of 17700.

One can look to book profits at 17650-17700 zone if comes.Nifty would be 5300 odd.

Stocks to watchout for :

TCS seems to have started its decline below 775. The stock could even see 745-720 in short term. Avoid longs here.

FMCG stocks wait for follow on moves. ITC above 272, Colgate buy arnd 740, Dabur above 187

In the last few days had been mentioning about a good built up seen in midcap banking stocks – Dcb, Dena, Vijaya, Uco have been doing well. Watchout for Vijaya , Dhanlaxmi Bank and IDBI to give 5-8 %move in near term.

Shipping stocks are making interesting long term patterns. Watchout for GE shipping,SCI and Mercator in the next couple of months.

Dena Bank :The stock is closing on a breakout. Buy on dips with 80-81 stop.

dena

Dhanlaxmi Bank :

The stock has given a breakout around 147. Further momentum could come on crossing above 156.

dhanbank

Camlin:

Nice breakout with volumes but is not a highly traded counter so position accordingly.Buy around 27-28.5 stoploss of 26 tgt 31-34 in short term.

camlin

Article by Nooresh Merani

Nooresh has written 2595 articles.

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{ 9 comments… add one }
  • Sunny Talreja April 30, 2010, 06:41

    Hi,

    Whats your view on the market now.
    I think the market will stay in the current levels of 17540-17640 (Currently @ 17600).
    There are no more positive or negative cues left for the afternoon. Should we exit now?

    Reply
    • nooresh April 30, 2010, 07:30

      Sunny,

      I have mentioned 17650-17700 profit booking zone. Advised booking Nifty at 5270/5290 to clients. Buying at 5240. Continue to be stock specific

      Reply
  • BHAGIRATHSINH April 30, 2010, 10:27

    sirji i also look good camlin, and what r u say abt. CANFINHOME?

    Reply
    • nooresh May 3, 2010, 04:55

      Camlin is good. Canfin is a slow mover

      Reply
  • baroom May 1, 2010, 06:15

    sir i have camlin 5000@30 what shoukd i do please advise

    Reply
    • nooresh May 3, 2010, 04:55

      Hold on to the same for short term.

      Reply
  • Ashok Manek May 1, 2010, 13:50

    What is the status for Longterm investment in GSPL / Guj NRE / Sparc

    Reply
    • nooresh May 3, 2010, 04:54

      All 3 are good long term stocks

      Reply
  • BHAGIRATHSINH May 6, 2010, 10:56

    SIRJI MLL GOES DOWN FROM WHERE IT PICKUP?

    Reply

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