Technical view by Nooresh

Sensex – Time to go Short at 19200-19500.

Re-Test of Sensex

Sensex Technical View:

As mentioned earlier Sensex had given a breakout and the pattern suggests a maximum target of 19400.

Parallel Channels, Trendlines, 61.8% retracement all come in the band of 19200-19500.

At this point of time a good short trade can be done as closer to the higher band or slowly build up a position on the index.

Stoploss 19600 on closing basis.

Even if markets were to test higher it may retest the breakout levels at 18700-18900.

Similar chart for Nifty gives a stoploss of 5890 and dips to 5650. Short on every rise above 5750.


Disclosure ( advised shorting Nifty at 5760-5780 partial qty in April will add at 5820-5860)



Stocks to watchout for :


Aventis Pharma has given a breakout watchout for a move to 2300. Low liquid stock so investors may do their own research.


LIC HOUSING advised to clients at 201-203 booked at 212-214 and 220-225 in 3 sessions.


Piramal Healthcare which has cash to the tune of 500 + rs post buyback looks a good defensive bet below 440 till 380.

MRPL can see a move to 70 levels if crosses 64.

Paper stocks may be in action tomorrow after the announcement on AP Paper Mills. BILT seems a good funda play.

Long term investors may look to accumulate Navneet Publications with a 1 yr view.


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Article by Nooresh Merani

Nooresh has written 2532 articles.

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{ 4 comments… add one }
  • Hari March 30, 2011, 11:11

    What is the returns ur expecting in out of investments in equities n 2011-12 ?

  • Rakesh March 30, 2011, 23:21


    Market is all set to open with a gap on expiry date.
    India in finals, Market always performs when India wins.


  • Ankit April 4, 2011, 20:29

    Dear Nooresh,

    I created short at 5850, should I book loss or can carry?

  • P K GUPTA April 4, 2011, 21:58

    Dear Nooresh,

    Do you confirm that stop loss on index is hit or there is still scope to keep short open. what will be next index target in case of stop loss hit.


    M 8800798858


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