Technical view by Nooresh

RBI hikes Repo and Reverse repo by 50 bps — Markets to get sluggish with stock specific action



Sensex Technical View:

Market tends to surprise as always.

This becomes yet another attempt at 5700-5750 and 19100 trendline resistance. So till we dont start closing above the trendline levels will make the markets sluggish broadly in 18000-19000 levels.

At current levels the broader market seems more interesting as the action is in quality mid and large caps.


For example Wockhardt discussed few days back has seen a follow up move , BOC India mentioned at 270-280 levels made a move to 315 today it still remains a good defensive pick with good chances of delisting. Buy closer to 270-290 if it dips.


Stocks to Watchout for :




The stock is showing huge negative divergences any drop below 615-620 can lead to a sharp fall in the stock to even 550 levels.

Showing signs of topping out unless its able to cross 640 levels. So one can short on breakdown for a day trade.



Renuka Sugars

The stock is nicely placed for a breakout above 76. Can give a quick move to 80 and further to 90 in few more weeks.

Seems something is cooking in Sugar stocks as Balrampur chini, eid parry also look interesting.





Although this is a difficult stock to trade as very volatile.

The stock can see some speculative to 270 first which if crossed can take it to 290. very risky stock to trade :)


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Article by Nooresh Merani

Nooresh has written 2532 articles.

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{ 1 comment… add one }
  • Deepak July 27, 2011, 13:23

    Hi Nooresh, whats the view on Dhunseri Petro currently. The stock was discussed around Sep last year for long term.


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