Technical Analysis of Indian Equities by Nooresh

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Time to be Stock specific – Index traders should wait

Sensex Technical View:

Although Sensex has marched beyond the resistance levels of 17250/17400 there is a possibility that a pause could come in near term or at least focus should now shift to specific stocks.

We booked out of Index futures at 5150 odd levels itself πŸ™‚ though it might be early but we aint interested in catching exact tops πŸ™‚

Have been a little busy with work and taking some rest so could not put up a review of Sensex and Global Indices as suggested in June 2nd week.

Would put the update in a few quick lines.

By June 2nd week the target of 17k + and roughly 17250 was done which is a clean 1000-1200 points from bottom. For now the Sensex is moving exactly as expected the next dip should ideally be above 16500. This could ideally open upsides to even 18400 but needs to be looked into detail so will cover it later.

Dow Jones and European indices did a re-test of bottoms and are in a strong bounce but still have retraced only 38% of the fall which indicates global scenario would remain positive.

Time to be stock specific and stocks recommended in the report will be reviewed later.

Just a quick chart. Hope to be able to make a detailed report in the week. ( It takes time to explain it in a simple,logical manner which can be used as a profitable guide)

StockspecificSensex

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Article by Nooresh Merani

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{ 25 comments… add one }
  • Mihir June 16, 2010, 09:10

    Nooresh bhai,

    excellent view and great help for all of us..
    BOC India is zooming…..what is the target??

    Thanks!

    Reply
    • nooresh June 16, 2010, 10:59

      Hi Mihir,
      Adviced booking fully in BOC at 300.
      Regards,
      Nooresh

      Reply
  • HESH June 16, 2010, 09:42

    HI NOORESH SIR,

    check MTNL DAILY BASIS RSI & MACD BULLISH CAN WE BUY HERE @ 56
    ALSO check TNPL(tamilnadu newsprint) NEAR 110 CHECK WEEKLY CHART “ASCENDING TRIANGLE.

    THANKS & REGARDS,
    HE$H…

    Reply
    • nooresh June 16, 2010, 10:59

      Hi hesh,
      MTNL looked bullish but was quick to move. TNPL is nice.
      Tata Communication also similar to MTNL

      Reply
  • Mihir June 16, 2010, 15:39

    Nooresh bhai –
    Thanks again for your advices..

    I have one q regarding reliance power…on the verge of break out… can i buy now?
    also view about KPIT
    can I buy more now? any target in mind.

    Thanks!

    Reply
    • nooresh June 17, 2010, 11:52

      Hi Mihir,
      Somehow its a breakout Rpower but i would avoid it πŸ™‚
      KPIT is a buy only on dips. Hold on.
      Regards,
      Nooresh

      Reply
  • puneet mital June 16, 2010, 17:05

    sir.
    do you think that 13000-14000 index is possible as some analysts are suggesting in this year ( their basis is elliot wave theory ) according to which C wave is pending?

    Reply
    • nooresh June 17, 2010, 11:52

      Hi Puneet,
      There are hardly any Elliot Wave analysts who can command a bit of respect apart from Vivek Patil.
      For my view the Elliot Wave patterns there is no big trigger till we dont fall below 15600.
      Also for the C wave there is no confirmation of a B top made ! Hypothetically the B wave can even go to 20k.

      Regards,
      Nooresh

      Reply
  • adit June 16, 2010, 17:09

    hello nooresh

    any idea on the following stocks? im holding a decent number of shares in each one of them

    zfsteering gears holding from jan at same market price it is today

    ador fontech

    basf india

    ur view on them will be appretiated

    Reply
    • nooresh June 17, 2010, 11:50

      Hi Adit,
      All the three are excellent bets for medium to long term. I would advise to hold.
      Regards,
      Nooresh

      Reply
      • adit June 17, 2010, 12:24

        i got more than 2 million rupees on those 3 stocks what does the near term out look looks like
        pls reply

        Reply
        • nooresh June 19, 2010, 15:33

          Hi Adit,

          You have got money put in the right places which are good safe bets

          Reply
  • Amit June 16, 2010, 19:20

    Sir what about EXIDE trading near resistance, do u think it will break it in a day or two as today volume was very big. If it breaks then what will be the target & Stop loss for it. Kindly give me levels for it.

    Regards
    Amit

    Reply
    • nooresh June 17, 2010, 11:50

      Hi Amit,
      I have been tracking the stock. Its a first hit on the 130 barrier. Possibly the stock may cross it and dip that would be a time to buy it.

      Regards,

      Nooresh

      Reply
  • SIVA PRAKASH June 16, 2010, 19:33

    sir,
    Ur analysis and Prediction is really great, and it is very help full to investers like me.
    Let me now ur view abt days ahead, is it time to stay invested or book profit
    or time to buy put options

    regards

    Sivaprakash

    Reply
    • nooresh June 17, 2010, 11:49

      Hi Siva,
      Thanks for the appreciation. Good to know you are using the analysis profitably.
      For now its a time to book part of the profits.
      Regards,
      Nooresh

      Reply
  • Himanshu Gupta June 16, 2010, 22:25

    Heard from the street – rnrl likely to be delisted at 110/-. Pls check ur sources ..

    Reply
    • nooresh June 17, 2010, 11:48

      Hi Himanshu,

      Sometimes its better to keep ears closed:)

      Regards,
      Nooresh

      Reply
  • Karthik June 16, 2010, 22:29

    Nooresh, ur views on Sudarshan Chemicals pls

    Reply
  • JAYANT SHAH June 16, 2010, 22:34

    dear
    Nooersh sir
    hw is ur health nw.
    can u give ur recommendations for 2 scipts
    1}Elecon engg.
    2}Astec life science.
    mo:9892045509

    Reply
    • nooresh June 17, 2010, 11:48

      Hi Jayant,

      Yes am pretty fine now πŸ™‚ blog would be full of updates from next week.
      1) Elecon Engg an excellent stock for long term at current levels
      2) Astec Life sciences good high risk bet at 50-55

      Regards,
      Nooresh

      Reply
  • Puneet Khandelwal June 16, 2010, 22:34

    Hi Nooresh,

    First of all many congratulations on your superb analysis and ever increasing fan base. Though I’ve signed up for your sms service, I hardly get time to be actively involved in market watch. Do you also offer any portfolio management services? Or do you have any non-intraday services… probably for medium-long term investors??

    Please share your views on ICICI Bank. Today it zoomed up and is looking good to break Rs. 900 mark pretty soon.

    Cheers,
    Puneet Khandelwal

    Reply
    • nooresh June 17, 2010, 11:46

      Hi Puneet,

      Thanks for the kind words.
      We do have a Delivery Gains scheme which looks only into medium to long term targetted to people who cannot look into day to day market prices.
      ICICI Bank will take time to do so.
      Regards,
      Nooresh

      Reply

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