Technical Analysis of Indian Equities by Nooresh

Sensex should face resistance at 19500-19600. Will Real Estate see a Bounce !

Sensex

Sensex Technical View:

The last two bottoms around 18800 shows that market seems to be taking support at the 200 dema. The earlier move below 19000 in short term is a dangerous signal but the last few sessions did not see a follow up selling implies one needs to wait and watch.

Short Term Momentum could be seen only on sustaining 19600 where the recent top as well as 38% retracement of last fall.

 

Bank Nifty may find resistance at 11200 which if crossed could see some momentum for 11400-11500 quickly.

 

Real Estate Stocks like DLF / HDIL and India Bull Real Estate look highly oversold and as sharp bounce could be expected on back of RBI meet whether its positive or not.

DLF

 

Stocks to Watchout for :

Cholamandalam looks set for a quick move to 210-220 levels in extreme short term .Watch for volumes supported breakout above 195.
Chola

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Article by Nooresh Merani

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{ 6 comments… add one }
  • ANJALI January 25, 2011, 20:24

    Sir, kindly advise me,
    Which sector u think will shine in next 1-2 years
    what u think about Rolta?

    Reply
    • nooresh January 27, 2011, 19:15

      Hi Anjali

      As of now lets wait to find the next big sector. But Reliance and Oil and Gas would be one to watch for.

      Reply
  • Zulfikar January 26, 2011, 22:09

    Hey nooresh
    what do u think about jmc it’s been stuck in the 180-210 range for nearly 6 months now. Which way do u c it moving in the future

    Reply
    • nooresh January 27, 2011, 19:14

      Hi Zulfikar

      Not tracking it closely

      Reply
  • mayur January 27, 2011, 10:36

    hi nooresh bhai

    what are ur views on tci finance the stock has done 107(uc on 27/1) from 50 levels

    Reply
    • nooresh January 27, 2011, 19:14

      Hi Mayur

      I missed out on the stock after tracking for a long time. Continue to hold and reduce if having

      Reply

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