Technical Analysis of Indian Equities by Nooresh

Sensex – Short Term Traders Stoploss Hit

Sensex on lower side can go to 19500/19200 in near term and consolidate. Investors will get opportunity to re-enter stocks. Long Term Investors need not worry as this is a correction which can max go to 18500-18700 and the long term view remains for a target of 22500 over the next 1 year.

Article by Nooresh Merani

Nooresh has written 2581 articles.

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{ 14 comments… add one }
  • Nirmal Bhattacharya November 20, 2010, 07:25

    Hi Nooresh,

    As I said earlier, I have started starred buying LOKESH Machins, Ballerpur, IDFC, Reliance. Do you suggest any other stock which is for Long Term Investment. What is your view abour Excel Corp Care ?

    Thanks,

    Nirmal Bhattacharya

    Reply
    • nooresh November 21, 2010, 10:48

      Hi Nirmal,

      Continue to accumulate the above slowy. i would suggest HUL to be in the list. Excel Crop shd wait for declines

      Reply
  • Rajesh November 20, 2010, 09:02

    Hi Nooresh,

    Is there any panic being created sue to political issues going round?
    I think in such cases supports, resistances, stop losses do not work.

    Also, any stop loss for IDFC for medium term.

    Regards,
    Rajesh

    Reply
    • nooresh November 21, 2010, 10:47

      Hi Rajesh,

      Yes in such cases we see panic and stoplosses being hit. For the record we made quite a few losses this week.

      IDFC got stopped out at 190 which was a 7% hit.

      Looking for a fresh entry at 180-184 stoploss 175. I remain very bullish on the counter and may surge a fast cmeback with markets.

      Reply
  • Imtiyaz November 20, 2010, 21:08

    Hello Nooresh,
    I am still holding nifty bought at 6153. Its december future. I have hedge that by selling few calls.

    Will you please let me know your views on Airtel for next week?
    I think its looking very strong.

    Reply
    • nooresh November 21, 2010, 10:31

      Hi Imtiyaz,

      We got a stoploss hit and a bad hit on friday. Index now has 2 options either it pauses at 19200-19350 or goes to 18500-18700 so its a difficult call to take.
      Wait and watch is the view now and have suggested to cut 30-40% position as to reduce risk and re-enter on declines

      Reply
  • PRAVEEN KUMAR November 21, 2010, 14:32

    HI NOORESH,
    I HAVE 10K MLL @ 70 AND I WANT TO KNOW WHAT WILL BE THE BEST RATE TO AVERAGE THE STOCK AND WHAT IS THE FUTURE PROSPECT OF THE STOCK .I CAN HOLD FOR 3 MONTHS FROM NOW

    Reply
    • nooresh November 22, 2010, 14:43

      Hi praveen,

      Not tracking it closley

      Reply
  • Gaurav November 21, 2010, 20:47

    Hey Nooresh,

    How is NCJ International looking from a 2 year perspective?

    Cheerz
    Gaurav

    Reply
    • nooresh November 22, 2010, 14:42

      Hi Gaurav,

      Not heard of that stock. Can u give the code

      Reply
      • Gaurav November 22, 2010, 22:01

        Here is the code –

        NCJ International Ltd. 511714

        Securities company now becoming a Real Estate company as well and coming up with projects in Greater Noida. I’m sure revenues will multiply.

        Reply
  • nikunj November 22, 2010, 08:43

    Hi Nooresh
    last high in jan 2008 at 6357.10 & now high at 6338.5 on 5/11/10 is there inverted head &shoulder going to form in future

    Reply
  • Mohan November 22, 2010, 11:32

    Hi Nooresh,

    As per your suggestion, I have invested in Ballarpur @ 40. It has reached 36.5 Should I buy more and avg the costs or it is time to sell it and book losses. I am ready to wait if this stock has medium to long term prospects. In similar situations are Lokesh machines and HUL. Can you give your opinion on these stocks?

    Reply
    • nooresh November 22, 2010, 14:39

      Hi Mohan,

      Add and remain invested for long term.
      Lokesh Machines and HUL view remains positive but slow mover.

      Reply

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