Technical Analysis of Indian Equities by Nooresh

Sensex – Time to turn Again towards 17k + with consolidation?

Sensex Technical View :

The last posting i made on Sensex was last friday. Just pulling some of the lines below.

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.

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.

Nifty did a high of 5130+ which is a cool 300 + points trade. Hope readers enjoyed !! if so do drop in your comment.

Technically the bounce back was expected to be 50/61% of the total move from 18k to 16k which roughly came to 17000-17250 band where we booked out for near term.

The next dip should again ideally be 50% or lesser of the pullback which comes to around 16400. So we could expect a strong support in the band of 16300-16500 in case of weak global scenario. One can expect a turn around from the current zones to re-test 17k. Closing above 17250 gives a change of momentum. Continue to maintain the stance of buy on dips and book on rise.

For now have advised a re-entry in Nifty futures at 5010/4950 in 2 parts would look to book the same at 5040 + and then trail.

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Stocks to watchout for :

In the last few months we have found pretty good 10% move up trades in metals 3 times. As of now i do expect they might be close to bottoming out but risk-reward is still not favorable for the 1-3 session trade.

But bottom fishers can start buying slowly in Tata Steel and Jindal Steel with strict stops and strict targets of 7-10%

Check the charts below to get a better idea.

JINDAL STEEL :

Lots of bottoms around the 600 mark. Will it hold up again. Think so and give a bounce to 650 levels. But if it breaks down below 595 it could be a quick trade on short side. So good risk-reward and a clean trade of 40-50 bucks it seems.

JindalSteel

TATA STEEL :

Lots of supports in the band of 425-450.If it comes to the band then a good risk-reward trade.

TataSteelFall

Article by Nooresh Merani

Nooresh has written 2555 articles.

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{ 25 comments… add one }
  • nmmurthy June 9, 2010, 06:49

    Your view on KSK, Hindalco and KS Oils what are the near term targets.

    Reply
    • nooresh June 9, 2010, 09:10

      KSK totally sideways.
      Hindalco below 130 the stock can crack.
      K S oils oversold

      Reply
  • Akshay June 9, 2010, 08:34

    We reduced our holding on Friday and now are well placed to add more. Thnx Nooresh

    Cheers

    Reply
  • Dhruv June 9, 2010, 10:21

    Hi Nooresh,

    Time permitting could it be possible for you to please post a chart analysis for Prakash Industries…I have been trying to read but could not and the stock is just sliding these days but due to the accelerated falls in the last 3-4 days it gives a sense of final bottom formation and going by your views on other metal counters this too can give a small pop….

    Any levels to further buy would be highly appreciated.

    Thank You
    Dhruv

    Reply
    • nooresh June 9, 2010, 11:48

      Hi Dhruv,

      Its more of a fundamental call on the stock with a very long term view.
      140-160 is a good zone where it should bottom out technically.

      Regards,
      Nooresh

      Reply
  • Anmol Singh June 9, 2010, 12:54

    Is Rs. 45 for DCB and Rs. 60 Clutch Auto a good entry point, with 2-3 months perspctive. Also, should an entry be made in oil marketing comanies and ONGC

    Reply
    • nooresh June 9, 2010, 14:32

      Hi Anmol,
      DCB seems a good entry point. Clutch is now very sideways.
      Regards,
      Nooresh

      Reply
  • sangram June 9, 2010, 13:21

    hi nooresh ji how does everonn looks.yesterday it was rallying on good volumes.

    Reply
    • nooresh June 9, 2010, 14:31

      Hi Sangram,
      Everonn lots of resistance around the 400-420 mark.

      Regards,
      Nooresh

      Reply
  • uday June 9, 2010, 19:04

    sir w say banknifty give me sl and tg ????????

    Reply
  • Anjali June 9, 2010, 19:30

    sir,
    Let me know ur view abt Fortis , Maxindia, Recoauto, let me know entry levels on these stocks with 6 month view

    regards
    Anjali

    Reply
    • nooresh June 9, 2010, 23:32

      Hi Anjali,
      Very bullish on Fortis for all time frames. MAX India is an extreme long term bet. Rico Auto not tracking now.
      Regards,
      Nooresh

      Reply
  • Satbir Kangar June 9, 2010, 21:39

    hi, nooresh i have a lot of ifci at 54.70 what is your view , can it give chance to exit around 57-60 . i will wait or exit.

    Reply
    • nooresh June 9, 2010, 23:31

      Hi Satbir,
      IFCI is testing patience.The stock should do 60 ideally.
      Regards,
      Nooresh

      Reply
  • Deepak June 9, 2010, 21:54

    Hi Nooresh, can we expect a mid-cap rally in near future? At what sensex levels, do you think, focus will shift to midcaps?

    Reply
    • nooresh June 9, 2010, 23:30

      Hi Deepak,
      The rally could only on crossing of 17300 levels on Sensex till then trade large caps.
      Regards,
      Nooresh

      Reply
      • Deepak June 14, 2010, 15:04

        Hi Noresh, thanks for the view. we are almost at 17300 now 🙂

        Reply
        • nooresh June 14, 2010, 15:43

          Hi Deepak,

          Yes time for me to put my update as promised in June 2nd week on targets being achieved.

          Regards,
          Nooresh

          Reply
  • rashmi June 9, 2010, 22:16

    hello nooresh
    u mentioned while replying to one of ur admirer
    that rally in r com doesnt seems sustaining and u wud wonder if it crosses 175-77 kinda level
    and u also mentioned that rally in rcom shud get cooled off around 175 level
    now, then when rcom has been sustaining levels like u mentioned
    do u see any changes in ur views about rcom
    thanks answering
    i wanna take positions in telecom stocks like rcom, bharti, mtnl, ttml
    kind advise

    Reply
    • nooresh June 9, 2010, 23:30

      Hi Rashmi,

      I doubt if RCOM can cross again. Bharti Tele has had multiple bottoms around 250s. MTNL looks interesting on further declines provided one is ready to wait.

      Regards,
      Nooresh

      Reply
  • vivek June 10, 2010, 01:24

    I have bought Shrilakshmi Cotsyn @Rs.200 . Give me the targets Fundamentally as well TECHNICALLY for 6-12 months.

    Reply
    • vivek June 14, 2010, 16:55

      Hi Nooresh,

      I have bought Shrilakshmi Cotsyn @Rs.200 . Give me the targets Fundamentally as well TECHNICALLY for 6-12 months.

      Reply
  • Mihir June 10, 2010, 15:06

    Nooresh bhai –
    What is your view on GTL Infra, Delta..u r pick from diwali?
    TATA Metaliks?? has it crossed the break out zone..
    Delta is lot down…hold or book loss?

    Thanks again!!

    Reply
    • nooresh June 10, 2010, 18:05

      Hi Mihir,
      GTL infra as of now is sideways.
      Delta Corp is a 1-2 year story and one needs to keep adding and be ready for a test of patience as its more of a funda call. Though it was an error of timing for the stock.
      Tata Metaliks did the move also after breakout.

      Regards,
      Nooresh

      Reply
  • Madhu Murthy June 11, 2010, 08:28

    Hi Nooresh,

    Any targets for Yes bank holding 280 Call @ 10.00

    Reply

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