Technical Analysis of Indian Equities by Nooresh

Sensex 19800 support for now ! 19000/19400 Fibonacci retracement


Sensex Technical View:

In the last 1 month there have been no of bottoms around the 19800 mark. The fibonacci retracements are placed at 19400/19000 which could be good entry points for an index trade.

So till we dont break 19800-19750 on daily basis we can possibly see a bounce.

Medium term outlook remains positive and we would review around 19400/19000 or when we cross 21200 till then its time to be highly stock specific.


Nifty Futures Premium 80 points.

Every expiry nowadays has been exciting with lots of Option writers or Rollovers being badly caught. In the last 30 mins yesterday index saw a huge crack but future prices for November did not see any drop so premium in Nifty was at one point of time 80 points.

Article by Nooresh Merani

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{ 11 comments… add one }
  • saurabh October 29, 2010, 14:50

    hi nooresh,
    can u plz explain for benefit of all that wat was the reason and logic behind such premium, this was never seen before

  • Nirmal Bhattacharya October 30, 2010, 11:38

    Hi Nooresh,
    Please give your view on the following :
    1. Tinplate
    2. UniPhos (SL HIT),
    3. Piramal Glass ( ST Hit)
    4. Pipavav (Book Profit @ 86/- ..can re-enter?)
    5. Lokesh Machines..again available at 62-63 level


    • nooresh November 1, 2010, 11:56

      Hi Nirmal,

      Tinplate no view. Uniphos waiting to add at 190 if comes holding on to it. Trade was 200 buy sell at 212/218 re-entry 204.
      Piramal Glass short term stop got hit but have a medium term buy holding on.
      Pipavav sold at 86/92 now re-entry slowly
      Lokesh Machines add on dips.

  • Sunil October 30, 2010, 14:46

    Hi Nooresh,

    Is it good to buy Apollo tyres at CMP 71?


    • nooresh November 1, 2010, 11:54

      Hi Sunil,

      Can give a bounce in near term.

  • PRAVEEN KUMAR GUPTA October 31, 2010, 19:07

    Dear Nooresh,
    yes Nifty is still running in high premium and if this inverted head and shoulder then it will go back but What is your take on Reliance Industries after their result yesterday. Will it not support market with results it has given .
    Also I am looking to know on Infinite computer solution, how is technicals placed.

    • nooresh November 1, 2010, 11:52

      Hi Praveen,

      Well the range for index remains at 19800-20800 for some time.
      Reliance is a buy on every dip.

      • Sunayana November 1, 2010, 17:08

        Hi Nooresh,

        What levels do you think one can get Reliance at? Do you see it coming to about 1000 levels in the near term? I want to enter, but unsure of by what levels to start getting in. Can you please suggest?


        • nooresh November 1, 2010, 17:24

          Hi Sunayana,

          One should SIP into the stock.

  • Adit November 1, 2010, 15:34

    Hello nooresh
    in one of my previous posts u mentioned modison metals was a good buy at lower levels u think it’s a good play with a 3 month horizon … It’s at 30 today

    • nooresh November 1, 2010, 17:24


      The stock did a good upmove after that. Its a good bet provided you are patient


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