Technical Analysis of Indian Equities by Nooresh

Sensex may either head to 19000-19400 or 17800 soon.

BreakSensex

 

Sensex Technical View:

It is one of the most boring phases for the index with no clear moves in Sensex as well as in stocks.

Technically it is about time that Sensex gives a small directional move to either 19000-19400 or 17800 levels.

The breakout levels are 18200 on downside and 18700 on upside.

The levels of 17300 and 18700 or roughly 5200/5600 Nifty has already been tested twice. So next time it tries a hit it will breakout.

As of now Sensex has made a higher bottom in extreme short term so the possibility on upside is with a higher probability.

One of the distinguishing factor is the broader indices have still not pulled back. So we may see stock specific once SENSEX and NIFTY cross 18700/5600.

 

Stocks to watchout for:

TataMotorsD

 

Tata Motors:

One of the few stocks in the current market which is holding the trendline. Also above the 200 dema.

The uptrend remains intact. Moving above 1200 could give a trading move to 1300-1400 also.

For now i would prefer to go with the Tata Motors DVR which i expect the price gap to narrow.

 

We have started with Commodities as well NOW ! The last few trades have been super – Copper 445 to 430, Silver 54700 to 53700, Zinc and Nickel shorts and so on.

 

Those who would like to get a free trial for commodities

Mail to freetrial@analyseindia.com

Subject – Commodities Trial

Details in the mail – Name, Phone No, Yahoo id, City etc.

 

 

Some more updates on Silver and Copper posted on our website -

http://www.analyseindia.com/analyseindia/testPager.jsp 

 

Regards,

 

Nooresh

Article by Nooresh Merani

Nooresh has written 2581 articles.

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{ 11 comments… add one }
  • M J March 11, 2011, 09:07

    Hey Nooresh,

    thanks for your analysis.
    I have feq queries,
    – TCS/HCL – given the IT sector is poised to grow is it a good time to take fresh entry in this two?

    – Lokesh Machines – can we average this now?

    – ION Exchange – near to 52 wk low, can we take fresh entry

    all this on a 6 -8 months view

    Thanks for your help!

    Reply
    • nooresh March 11, 2011, 13:00

      Hi Mihir,

      I am waitin for markets to stabilize before making fresh entries

      There is no major fundamental change in companies but a change in market outlook.

      ION exchange will test patience and is not coming out transparently

      Reply
  • Sumit Jain March 11, 2011, 12:14

    Dear Nooresh,

    I think other than range market may shift to down side as fundamentals are not in support like Crude, International news & markets, Macro and Micro Numbers and look like market is waiting for downside and good valuation Yet to come.

    Sumit Jain
    http://blog.sufin.com/indian-markets-once-again-into-dilemma/2011/03/

    Reply
    • nooresh March 11, 2011, 13:02

      Hi,

      Let us wait and watch … Let the markets decide.

      Reply
  • shivaji March 13, 2011, 14:42

    Hi nooresh,

    SBI below 2550 can test 2350-2250 as per triangle targets.
    Tata steel already broken down and is heading towards 575 and below 574 it can do 550-530….
    Icici bank below 992 can do 950-940…

    Reply
    • nooresh March 14, 2011, 10:08

      Hi Shivaji,

      There are many bottoms at 2500 for SBI so will be better to wait for that to go.

      We will wait for confirmatory moves on downside.

      Reply
  • PRATIK MORE March 13, 2011, 16:45

    NO 1 GIVE SUPPORT OR GUD DECISION DRNG D MKT FALL EVEN U SIR.

    Reply
    • nooresh March 14, 2011, 10:07

      Hi pratik,

      I cannot support 🙂 the market and provide hope. Ever since Sensex broke 19900/19000 have maintained a bearish bias and just a bit on sidelines for now.

      Patience will be tested.

      Regards,

      Nooresh

      Reply
  • bhanu March 14, 2011, 14:28

    Hi Nooresh,

    Lokesh Machine is rose around 15% today, any news or direction on this stock, on a 1 year basis how does it looks.

    thanks
    bhanu

    Reply
    • nooresh March 15, 2011, 11:34

      Hi Bhanu,

      Dont know if any announcement seen.

      Reply
  • rajen March 18, 2011, 18:33

    Very right said. Keep it up. Today sensex broke range in lower end. whats next ?

    Reply

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