Technical Analysis of Indian Equities by Nooresh

Sensex – Time to be Optimistic , Control the Panic

Its all about Panic !

 

The stock prices in the next 3-4 sessions could be seriously discomforting as what we are seeing is a classic case of panic.

 

The view remains the same Sensex 18500-18800 and Nifty 5600-5650 in the worst case is what we may see in terms of panic. And the next year would be better we may see better days starting Dec 1st week.

 

NiftyTurn

 

PanicSensex

 

The Bottomline is hold what you have and buy what you can !

 

Regards,

 

Nooresh

Article by Nooresh Merani

Nooresh has written 2581 articles.

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{ 18 comments… add one }
  • Sandeep November 26, 2010, 10:32

    Hi Nooresh,

    Any idea, why Core Projects is falling by more than 30 % ?!!!

    Thanks
    Sandeep

    Reply
  • Kunaal November 26, 2010, 10:40

    Hi Nooresh,
    Your advise is highly appreciated!cheers..

    Reply
  • x November 26, 2010, 11:02

    Should we stop investing in lic insurance … who knows if lic comes out with some scam …indian gov is cheating us all. .. “Indians r poor but India is not a poor country”. Says one of d swiss bank directors. He says dat “280 lac crore” of Indian money is deposited in swiss banks which can be used 4 ‘taxless’ budget for 30 yrs. Can give 60 crore jobs to all Indians. From any village 2 Delhi 4 lane roads. Forever free power suply 2 more than 500 social projects. Every citizen can get monthly 2000/-for 60 yrs. No need of World Bank & IMF loan. Think how our money is blocked by rich politicians. We have full right against corrupt politicians. Itna forward karo ki pura INDIA padhe. Take this seriously.

    Reply
  • qwerty November 26, 2010, 11:06

    Should we stop investing in lic insurance … who knows if lic comes out with some scam …indian gov is cheating us all. .. “Indians r poor but India is not a poor country”. Says one of d swiss bank directors. He says dat “280 lac crore” of Indian money is deposited in swiss banks which can be used 4 ‘taxless’ budget for 30 yrs. Can give 60 crore jobs to all Indians. From any village 2 Delhi 4 lane roads. Forever free power suply 2 more than 500 social projects. Every citizen can get monthly 2000/-for 60 yrs. No need of World Bank & IMF loan. Think how our money is blocked by rich politicians. We have full right against corrupt politicians. Itna forward karo ki pura INDIA padhe. Take this seriously.

    Reply
  • neev November 26, 2010, 13:14

    lic insuance will spoil all lifes in india

    Reply
  • Zulfikarali November 26, 2010, 13:32

    Hi nooresh,
    do u think it’s a good time to buy jmc and modison metals with a 2-3 month horizon????

    Reply
  • ANJALI November 26, 2010, 17:09

    Sir,
    What is ur current view on RIL ?
    I plan to buy ..
    pls let me know entry level , stoploss, target of RIL

    Reply
  • jayanthimurali November 26, 2010, 22:05

    Your current advice abt Ion exchange. please let me know if i can enter at this rate of 165+ or wait for further dip. If yes, what is the target and SL.

    thanks

    Reply
  • sachinp November 27, 2010, 02:36

    Hello Nooresh Sir,
    Please recommend some good stocks to buy for the horizon of 3-6 month with medium risk grade.
    Thank You

    Reply
  • Anubhav November 27, 2010, 10:32

    Hi Nooresh,
    Can I buy Prakash Ind at this level or should wait for more correction?

    Thanks.

    Reply
  • ANJALI November 27, 2010, 17:21

    sir,
    kindly suggest some good picks now
    regards
    Anjali

    Reply
  • Ankush Sengupta November 28, 2010, 17:29

    Hi Nooresh,

    Following your blog from some time.

    Something i have noticed in the derivative statistics is that there is a considerable open interest in the 5600 PE and 5700 PE. Option writers have been writing these puts aggressively and thus i expect nifty to get strong support at these levels.

    Similarly on the upside the 5900 CE and 6000 CE has seen huge open interest build up. so for nifty to give positive signals i think it must trade above 5900.

    Also the current fall in dec nifty fut is also accompanied by a decrease in open interest. This usually signifies that the fall in nifty is due to long unwinding and there is no build up of shorts.

    Reply
    • nooresh November 29, 2010, 11:25

      Hi Ankush,

      I dont look into derivative stats but this is more a case of a profit booking as well as the trickling effect. The last move from 18.5k to 21k was aggressive coz of short covering and this seems the other way round.

      Yes 5900-5950 now remains a band of resistance we might get into a consolidation it seems.

      Reply
  • Arun Karthik November 28, 2010, 22:16

    Hello Nooresh,

    Hope you are doing good..

    Whats happening currently? Many of the midcap stocks are beaten down to death.. A loooot of them are at their 52 week low or way below it.. Does this points out to something ? Every level is being taken out slowly..

    Above all, I can see only a very small figure of money been taken out by FII.. What in case they started doing it aggressively?

    Reply
    • nooresh November 29, 2010, 11:18

      Hi Arun,

      Well its a case of a much needed correction getting extended with a mix of announcements. But this 1-3 months will create a strong base for the longer term bull market.

      Any excess created have been removed quite early. Although in my previous presentation had looked into a 10% cut on index and then a bigger rally but did not expect the Midcap sector to crash ! …

      Expecting better days from Dec 2nd week as majority of corrections have lasted 20 odd sessions we are through 15

      Reply
      • Arun Karthik November 29, 2010, 12:01

        Thanks for the guidance Nooresh , let me adhere to it..

        Reply
  • Arun Suvarna November 29, 2010, 14:33

    Sir,
    I am bit confused wether to invest in stock and if yes which stock with a holding time of 2 to 3 months time.

    Reply
  • Manish November 29, 2010, 14:46

    whats your take on Power Grid now.
    please give “short,Medium & long term views”.

    Reply

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