Technical Analysis of Indian Equities by Nooresh

Nifty – Trendline Resistance !!! Will it be able to cross this time ? Above 5720-5740 a breakout.

Blog040711

 

- > The last time around the trendline Nifty kept struggling at 5900-5950 giving hopes of a breakout but ended up in a quick fall.

- >Yet again the rally has been quick but it will find resistance at 5720-5740.

- > A crossover above 5720-5740 can lead to a quick move to 5900 also.

- > Although the ideal way would be to stock specific and wait for a dip to 5600 or sustained move above 5720-5740 to look for a quick trade.

- > Bottomline the upmove has been fast and a confirmation move will kill all the bearishness. Wishful Thinking ? But as of now the screen shows no bearishness.

->Any dip below 5570-5550 will be first signals of weakness till then the trend remains extremely positive even if we are ready to believe it or not 🙂

-> Even the Bank Nifty is close to a breakout.

- > Expect the action to shift into midcaps/smallcaps.

 

Some technical charts to watchout for :

 

Hexaware – Headed to 80 in short term.

hexaware

 

IPCA --- Can give a quick move above 350

Ipca

 

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Nooresh

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Article by Nooresh Merani

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{ 3 comments… add one }
  • Sam July 5, 2011, 14:21

    What is ur chart sense on IFCI ?

    Reply
  • Pranav Mehta July 6, 2011, 01:35

    Hello Nooresh,

    Can you please guide me on Rico Auto? I had bought it some months back at 29 based on a reco in one of your posts. Does it make sense to average it now?

    Thanks, Pranav.

    Reply
  • bhavesh rana July 6, 2011, 19:08

    SIR,
    THANKS TO PROVIDE YOUR BEST VIEW FOR MARKET. I ALSO CHECK THE CHART OF HEXAWARE IN YOUR POST IT SEEMS CUP AND HANDLE PATTERN ABOVE 80.

    Reply

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