Technical Analysis of Indian Equities by Nooresh

Sensex Gap left at 17857-17752, Kotak Bank

SensexGap

 

Sensex Technical View:

As it can be seen in the green channel Sensex has come up to the trendline and should find resistance in the first try at least which is being seen today.

In the near term a gap was made at 17857-17752 which can be a support level to watch for.

The near term top at 18550 is a level to watch for.

If one considers an intermediate bottom to be made at 17300 then we can expect a 38/50% retracement of the fall which comes at 18550/19000 roughly.

 

KotakBank

 

Kotak bank -

The stock had given a breakdown around 400 levels some time back. A retest of 405-415 where traders may look for shorts with a view of pullback to 380 levels

 

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Article by Nooresh Merani

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{ 6 comments… add one }
  • Rahul February 15, 2011, 12:06

    Nooresh Bhai

    Do you think this gap will be filled ? (normally all gaps are filled)

    Reply
    • nooresh February 15, 2011, 20:17

      Hi Rahul ,

      I think the gap would be filled. But there is no rule or NORMAL about gaps being filled its just an observational study.

      Reply
  • SANGRAM February 16, 2011, 12:49

    hi nooresh sir what about prakash industries on ur multibagger list or anything fundamentally changed in the company. can we buy this stock for investment purpose.

    Reply
    • nooresh February 17, 2011, 17:59

      Hi Sangram,

      Fundamentally quite a lot of things have changed for the company due to mining related issues. I had mentioned an exit quite some time back.

      Reply
  • SWAROOP KALE February 24, 2011, 16:44

    HI NOORESH. ON THIS BLOG YOU WROTE ABOUT THE GAP BEING FILLED AT 17,800-700 LEVELS. TODAY THE SENSEX HAS CLOSED WELL BELOW THAT. HAS THE GAP FILLED OR IS THERE MORE ROOM FOR THE BEARS LEFT??

    Reply
    • nooresh February 25, 2011, 10:48

      Hi Swaroop,

      There is no fighting the trend its bearish. We will wait for bottom out or bounce signals. Once budget is over we will be able to take a better take.

      Regards,

      Nooresh

      Reply

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