Technical Analysis of Indian Equities by Nooresh

Reliance Inds – Breakout but will see resistance at 1040-1050.

RIL

 

Reliance Inds gave a breakout above 1009 and continued with the move even in this environment. ( Disclosure: Advised buying at 1005-1009 and RIL 1020 call at 19-20 levels which we are now booking till 1040-1050)

It needs to be seen how Reliance Inds reacts after touching 1040-1050 levels. As the stock has maintained a broad range of 900-1100 on closing levels.

 

Tyre Stocks have seen good buying on back of drop in rubber prices. The move may not be lasting so wait for dips. ( Disclosure Buy on Ceat at 100-102)

 

As per market-men there is a good possibility of smallcaps/midcaps to rise in the end of the month on back of NAV prop up by mutual funds.

 

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Article by Nooresh Merani

Nooresh has written 2583 articles.

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{ 3 comments… add one }
  • teju March 15, 2011, 21:07

    Hi Nooresh,

    I am holding Lokesh machine, Subex and Uflex from higher level. Which of them should i add more at current levels ?

    Thanks & Regards,
    Teju

    Reply
  • mansukh prajapati March 16, 2011, 09:03

    your reliance technical chart so much powerful and given much idea to follow tips in advance

    Reply
  • mayur March 16, 2011, 11:29

    good day
    nooresh bhai ,

    normally in this pattern the above level of 1040-50 wont hold and the stock will go for a break out in a normal market

    u can look at this pattern in eur-usd charts with a lot of frequency

    Reply

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