Technical Analysis of Indian Equities by Nooresh

Sensex should pullback a bit from 17000-17250 band or at least pause/consolidate !

Sensex Technical View:

Just picking up the lines from the earlier detailed report of

Sensex at 16k/ Global Indices /Crude crucially poised. Time to be optimistic not scared

Even if one is bearish I would expect a bounce back to first set in from 16k levels. And if one is bullish then before going to 18500 it has to first touch 17k in between. So a bounce back trade is definitely low risk high returns

Bang on Sensex makes a low around 15960 and has bounced back to 17k ! As i have mentioned in my Probablility Chart that we would review the scenario around 2nd week of June by which time i would expect the orange part of the move be done i.e a move to 17k-172500.

Technically we should now pullback a bit from this band or at least take a pause for a few sessions. We would review the same in the middle of coming week.

PauseSensex

Bottomline : Those who bought on our call at 4800 are at gains of 300+ points on Nifty should now book profits and enjoy the weekend.

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Article by Nooresh Merani

Nooresh has written 2581 articles.

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{ 6 comments… add one }
  • Arun Suvarna June 5, 2010, 23:14

    Nooresh, i gain confidence in the market reading you here.
    i have a lot of rnrl and suzenergy.Please let me know on the future course for these two socks.Short term and long term prospect.

    Reply
    • nooresh June 8, 2010, 15:34

      Hi Arun,

      Suzlon looks good for long term with short term issues. RNRL is avoidable.

      Regards,

      Nooresh

      Reply
  • Akshay June 7, 2010, 10:31

    Technical Analysis at its best….Hope everybody is Enjoying the mkts. Nooresh rocks. Anyone doubts ?

    Cheers

    Reply
  • shyam June 7, 2010, 12:07

    hi dear,

    whts ur view about SUZLON m really badly traped at @76 12000

    Reply
  • harun June 10, 2010, 23:32

    Pls tell me about ifci and bharti’s tgt sir ?

    Reply
    • nooresh June 11, 2010, 01:50

      Harun,
      IFCI 58-60. Bharti 300

      Reply

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