Technical Analysis of Indian Equities by Nooresh

Sensex headed to 18400 …. Where are the Bear Analysts ??

Sensex Technical View:

The last 2 months have been very interesting for the Sensex moves.

Around end of May when markets broke 16000 by a whisker and and 4600 the street was buzz with lots of GLOBAL UNCERTAINTY and various other stuff pointing to a possibly double dip correction and lots of jargon.

Now at 18k i think suddenly the WORLD looks more certain 🙂 and Sensex eyeing 21k also….


This is how market works. But returns in investment/trading come only by following good discipline.


Technically as i have consistently mentioned on the time and price calculation 18000-18400 is the target price and Time period was July 2-3rd week which is almost done. So i would prefer to book profits and increase cash.

Till we dont close above 18600 on weekly basis my view would remain to be very selective in picking stocks and keep increasing cash at every rise from here. As stock specific action increases in this period i would strictly advise people to avoid leverage.

When we were at 16k i came out with a detailed PRESENTATION – TIME TO BE OPTIMISTIC NOT SCARED received a lot of negative views :). The market move has shown the accuracy of technical analysis. Also at the same time had given a path for 18k + by July !!

For now i remain cautious will put a detailed report by end of month.

Another Post SENSEX TO CROSS 18k in JULY  - 



IF yes Do get in touch with our team Kazim 09821237002 Asif 09833666151 Nooresh 09819225396 ( after market hours only ).

Stocks to watchout for :


Bombay Burmah Trading corporation – Small cap Coverage. Having a more detailed look after one of our students of Technicals sent in more details. Looks very exciting on valuations ( Market Value of Holdings should be 3-4 times current market cap) . Will post details in weekend.

Tata Steel and other Metals set to roar tomorrow. Time to take some profits of the table in them.

Tata Motors buy above 835 stoploss 830 tgt 855. Disclosure ( Taken BTST today )


yesterdays view again

Punters bullish on Empee Distilleries/Maxwell Inds in near term. Trade at your own risk :)

Pricol and Munjal Auto look interesting in the Auto Ancillary space.

Bombay Burmah trading corporation would like to invite views on this stock.

Aarti Drugs and Aarti Inds with attractive valuations should get re-rated in next few months. Expect 20% appreciation.



The stock looks interesting on weekly charts. No time to research more but the stock seems a doubler on technicals. Investors should have a look. Buy small qty and then research 🙂



Omnitech :

Multiple Tops around 205. Will it be able to cross.




The stock after being sideways for long time can see a spike above 132 in near term. 





Article by Nooresh Merani

Nooresh has written 2774 articles.

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{ 7 comments… add one }
  • Fire July 23, 2010, 07:33


    I am following your blog for the last few months. You have given amazing analysis and calls. Personally, I am mainly a Nifty trader. As I remember, just a few days back, you had poste that one should go short@4950 levels and above with a SL above 5530. After that we have hardly 100 points dip. You had talked about a deep fall even if Nifty or Sensex is to break the upper boundary of the channel.

    Is that view changed now?

    And can you post a chart of BankNifty?


    Best Regards,


    • nooresh July 24, 2010, 02:05

      Hi Fire,
      We booked out 80 points odd in the previous dip and have again started building shorts 🙂 slowly at 5450-5460 but not the total quantity yet.
      Would expect a decent dip. The reasons to trade are basically a good risk-reward ratio for shorts at 5450 and above.

  • Fire July 23, 2010, 07:35

    Sorry, it should be 5450 instead of 4950. I don’t know how I made that error. 😀

  • HIMANSHU SHAH July 23, 2010, 09:42

    also look at igarashi motors brekout above 81/-. 1st trgt 105/- and then 125/-. auto ancilliary venture between crompton greaves and igarashi of japan. turned around in previous fin.year. and quoted at prospective pe of 5. (channel breakout tested at 67). share your views please.

    • nooresh July 24, 2010, 02:03

      I will have a look but its already moved a lot so lesser comfort.

  • harun July 23, 2010, 09:46

    nooresh sir pls tell me tgt and stoploss for gtl infra

    • nooresh July 24, 2010, 02:03

      Stoploss 44 tgt 49 for near term.
      Long term could be pretty good but momentum would come on closing above 50.


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