Technical Analysis of Indian Equities by Nooresh

Now I expect Analysts to start getting a bit Bullish :)

Well just a few weeks back when we were at 18k the market consensus and majority of the analysts were gung ho about markets and prospects of the Indian economy and Global liquidity.

Suddenly markets cracked 10% and at 16k the market consensus became too gloomy and talking about cockroaches to shocks in the global economy with PIIGS and Europe etc.

Now we are back at 17k where would the tilt of sentiments be? Well i expect them to start getting a little bit bullish and boasting the strength of Indian economy.

The only thing which hits me is whether Sensex effects the strength of Indian economy or is it that the consensus starts thinking and justifying according to the Sensex moves:)

For me its the charts which give me a clean and clear picture:)

I would urge readers to read the important posts mentioned below to get an idea of how technicals can create a clear picture and aid us in maximizing profits with precise timing. if you like the stuff pass it to ur friends:)

DOW JONES at 11200 and Crude at 87 were shown to be topping out - Dow high 11258 !! Check the   chart

Stop Leveraged trading and be safe mentioned at 18k !! – Sensex topped out at 18k itself.

Sensex to bottom out in May end around 4830-4860– Possibility discussed by Ankit -

Sensex at 16k – Time to be Optimistic not Scared – Bold call to buy Index at 4800-4850 Nifty explained with detailed technical reasons.

Sensex Technical View:

In the short term expect Sensex to face resistance at 17250 which is the 61/8% retracement levels. Index traders who have bought at lower levels should keep booking profits or trailing stoploss to conserve gains.

Detailed technical view after the end of this week as promised that we would review in 2nd week of June !

Stocks to watchout for :Few quick charts

TATA STEEL : Just an example of positive divergence for the RSI lovers 🙂

Disclosure : Recommended to clients at 458-460 day before. Looking for a target of 485 +


Bharat Forge : Trying to breakout. Wait for volume support. Stoploss 267 tgt 290.


RELIANCE CAPITAL : Trading bet for short term



This is a Free refresher session in technical analysis for all the participants who have been through our training sessions in the last 5 years.

Timings would be roughly 3-4 hours around 10am to 2 pm. If there are more participants we would have another in the evening or on Sunday.

So revert back at the earliest to or Kazim 09821237002


We have been getting a lot of inquiries from Delhi for conducting a training session so we would like to be there again.

Tentatively the schedule is June 26-27.

To register/confirm or know more get in touch with Kazim 09821237002 or mail

We also plan to have more sessions in August for other cities as well as seminars. People interested to organize the same in their city can get in touch with us.

Dont miss the opportunity to learn and invest in a short course. This is one investment which is a sure Multi-Multibagger :)



Article by Nooresh Merani

Nooresh has written 2740 articles.

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{ 20 comments… add one }
  • Harun June 11, 2010, 14:07

    Sir pls answer my query as i really want to know about this : Many times i have seen a very bullish stock technically but it tanks if the market slips and many times i have seen a very bearish stock technically but it climbs up if the market moves up. So i would like to know one should trade stocks as per market cycle or stock has its own cycle . for example when mkt rallied from 15960 to 17150 all bearish looking stocks also rallied but when market took a breather from 17150 to 16580 around all bullish looking stocks also got hammering or were not able to move up . so is it better to understand the market cycle and then take a long or short position in any stock.

    • nooresh June 11, 2010, 18:35

      Hi Arun,

      Well yes that is the case many a times. We need to look into market analysis also to time the stock moves properly as its all demand/supply and sentiments in the end.
      So i generally tweak my stock picking criteria according to the market trend.


  • Neena June 12, 2010, 19:01

    Hi Nooresh,

    I would like to have your call on Facor alloys which at one point of time you had mentioned about.


    • nooresh June 14, 2010, 10:11

      Hi Neena,
      Well Facor is a high risk high gain stock.

  • Deepak June 13, 2010, 03:01

    Hi Nooresh, Any views on Marg? Can I add this stock at CMP?

    • nooresh June 14, 2010, 10:10

      Well its a long term story will need patience

  • SIDDHESH June 13, 2010, 12:54

    Which software do you use for technical analysis?

  • harun June 14, 2010, 12:22

    Sir , I am fed up of ifci ? is it again going to do the same thing of not crossing 55 / 56 just as it did many times before . is it obvious that a stock can not move up when its in ban period in futures segment ? sir as we did discuss about mkt cycle / stock cycle few days back . i think when ifci is unable to move up with mkts will it really move when mkts start to correct again as mkt is going to face stiff res around 5200 / 5220 and might crack again. so will ifci move when mkt cracks ? pls answer my query sir. i am in a fix and messing up with mkt cycles / stock cycles.

    • nooresh June 14, 2010, 13:53

      Hi Arun,
      Well trading and investing is about patience. IFCI will see a major move above 58-60 only till then one can buy on dips book on rise to reduce cost.For Sensex i will be updating the view soon.


  • sangram June 14, 2010, 12:46

    hi sir,nooresh sir everonn above 421.your views now

  • yaaro June 14, 2010, 12:49

    hi nooresh,
    i couldn’t find chat box?why?where to find?

    • nooresh June 14, 2010, 13:50


      The chatbox has been disabled as manyspammers have started putting messages on it.


  • sangram June 14, 2010, 12:55

    hi sir i am holding prakash &alphageo . i can hold it for 3 to 4 yrs . can be this both stocks become multibagger and create wealth.what price target can i expect on this both

  • Mahantesh June 14, 2010, 14:24

    Hi Nooresh,
    Whats your view on reality and infra HDIL,unitech,DLF and IVRCL,IRB,Gammon.
    HDIL buying now and holding for an year?
    Whats your advice on clutch auto? I’m holding them @ 40 should i continue to hold or sell and switch to some other stock like rico auto.
    Please advice.

    • nooresh June 14, 2010, 15:45

      Hi Mahantesh,
      I dont prefer Realty but Gammon and IRB are good bets.

      Clutch and RIco can hold on

  • Adil Kasmani June 14, 2010, 14:34

    Hi Nooresh,

    Once again and as always your pick has fired up,

    Rel Capital at the time of writing is at 714.5, purchased at 690 and also purchased 700 ce option, any revised stop loss or revised target to it.

  • Mihir June 14, 2010, 14:47

    Hi Nooresh bhai,

    what is the target of aarti drugs and boc…should we do half booking now or hold ?

    Thanks for your recos…!

    • nooresh June 14, 2010, 15:44

      Hi Mihir,
      Remain invested in both for long term. Aarti wait for some positive announcement to book. BOC on possible open offer.


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