Technical view by Nooresh

Sensex – No clarity in near term. India Bull Real Estate, GMR Infra

Sensex Technical View:

In the last few sessions index has clearly given a lot of unusual moves with no clarity of a direction on either sides.

On the upside the resistance zone of 20500-20800 is not being broken convincingly at the same time lower sides of 19800-20050 seem to be holding up. Intra day moves have broken recent day low and highs to trap short term trades.( yes me to got stopped out at 6240 :( ).

But one has to stick to the discipline and be ready to digest a bad trade and at the same time to relax and watch for some time.

The medium term out look  was presented few weeks back -


Sensex at 18k - View presented in August 1st week 2010 with a target of 20500 +


Recent view posted some time back that it would be difficult to cross 20500-20800 easily. Index has since corrected 800-1000 points.

Sensex at 21k – Cautious doesnt mean Bearish - 


Some Technical Observations -

India Bull Real Estate

After a good trade on Unitech and DLF posted earlier - It seems India Bull Real EState is next on the radar.

Advised to clients at 204 today.

Unitech - 

DLF - 




India Bulls Real Estate has given a nice breakout today with supporting volumes. Expect a quick move to 215/230. Stoploss below 198.



Technically the stock has given a possible breakdown in short term but a further confirmation of a major downtrend comes only below 51.

The stock can see a bounce back from 51 levels but i would prefer to avoid that trade !



Some other Midcap Observations:


After a super move in Karuturi Global Limited the largest producer of roses can we see a follow up move in Neha International which also on a scan seems into same sector ! ( Havent digged deep so plz do your research)

Technically the volumes in last few days suggest a strong move to 200 +

High Risk High Returns.





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Article by Nooresh Merani

Nooresh has written 2531 articles.

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{ 1 comment… add one }
  • Pranav October 19, 2010, 11:09

    Hi Nooresh,

    Can you share your view on Manjushree Technopack? CMP is 96. Has doubled since July ’10. Is is a good stock? Any suggestions?



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