Technical Analysis of Indian Equities by Nooresh

US Indices – Dow and S&P 500 / US Stocks look More Bullish and interestingly poised.

Although this post may be of zero interest but while looking at global indices and stocks came across some seriously bullish charts.

 

Lets look at them

 

DowJonesWeekly

 

Dow Jones Weekly ---- Its reaching a crucial resistance zone of 12500. Although one may even take it as a rising wedge but sustained closing above 12500 for a week will open very big bullish implications.

 

DowDaily

 

Dow Jones Daily Charts ----At 3 month highs amidst gloom !!

But a move to 12500 and then 12800 seems probable

 

Now some large caps from the Dow 30

 

Chevron

 

Chevron --- Near yearly highs and on verge of breakout

 

Exxon

 

Exxon can get into a huge move if it starts closing above 85-88  Big Inverted Head and Shoulders !

 

intel

 

Intel --- This is a favorite of one of my techie friend based in US. Now the stock is at 6-7 year highs. Sustaining 25-25.5 can lead to 30 + !.

 

Johnson

 

Johnson & Johnson --- A good cup and handle

 

procter

 

Procter & Gamble ---- Now this stock is closer to 2008 highs and already 5-6 times. Above 67 we can see a quick jump.

 

verizon

 

Verizon ----- Now thats a clean cup and handle breakout !!

 

merck

 

MERCK --- Another clean breakout. A good 10-15% jump still left.

 

Now a final look at S&P 500 and S & P 500 Vix

 

S&P 500

 

S&P 500 ------ A fresh breakout on daily charts !!

 

S&P 500 vix

 

We had looked into this S&P 500 VIX in our post about Fear hit a 10 year high around the world.

The VIX has tapered down but we are still not in complacency from bulls. So we will review this only if we go to 15-18 levels.

 

 

Well this may not impact Indian Markets but at least there are no shocks from the Global market expected. The view remains to stick to quality stocks and right now have set sights on LnT and BHEL to be looked into in large caps.

 

Btw Smartlink has tocuhed 52 levels up 20 % from 42. Maintain my long term hold on the stock. NESCO is a good bet at current levels keep on accumulate. Do your own research.

 

 

Happy Investing,

 

Nooresh Merani

 

nooreshtech@analyseindia.com

Article by Nooresh Merani

Nooresh has written 2627 articles.

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{ 14 comments… add one }
  • Naheem Pasha December 26, 2011, 15:42

    Dear Nooresh,

    today i sold Smartlink at 52.35, purchase average value was 44.16, can i re purchase these stocks around 48 again for next up move or what should be the ideal price for re purchasing ??

    Reply
    • nooresh December 28, 2011, 09:38

      Hi Naheem.

      I would continue to hold on to the stock as its on verge of a technical breakout. Fundamentally any where closer to 48-42 remains a buy

      Reply
  • SHREE December 27, 2011, 08:47

    Really good analysis nooresh. Please keep up the good work.

    Reply
  • Anjali December 27, 2011, 19:12

    Sir is it right time to start buying BHEL?
    what is the stop loss? when shall i average if fall fur ther

    Reply
    • nooresh December 28, 2011, 09:35

      Hi Anjali ,

      As a trader 220 will be a stoploss. Investment one should keep a stop of 190.

      Reply
  • Abhijeet Mitra December 28, 2011, 17:56

    Hi Nooresh ji,

    I want to invest in Balmer Lawrie & Co. at which level should i invest for long term of 5-10 year as i think it is fundamentally very strong company. i want to buy 500 shares, how much downside i can expect in this downtrend.

    Regards,
    Abhijeet Mitra.

    Reply
    • nooresh December 29, 2011, 10:48

      Hi Abhijeet,

      Yes that stock comes into radar in every bear market. So falls should be accumulated and from current levels 10-15% correction or more will be temporary. But dont expect super normal returns from the stock.

      Reply
  • Abhijeet Mitra December 30, 2011, 20:17

    Thank you Nooresh ji for ur valuable advice.

    Reply
    • nooresh January 1, 2012, 14:39

      Welcome Abhijeet,

      Keep reading and commenting.

      Reply
  • Naheem Pasha January 1, 2012, 16:57

    Nooresh,

    What is the reason for SMartlink hitting lower circuit on friday, shall i expect to catch that around 41-43 in this down trend ??
    regards
    Nayeem

    Reply
    • nooresh January 2, 2012, 11:33

      Hi Naheem,

      Its in T group and promoter buying seems to be over so volumes are dead. Its a funda call. I continue to like at 47-40

      Reply
  • Mayuresh Athalekar January 27, 2012, 14:00

    I want to invest in BHEL, ONGC for time of 1-2 yrs. What one is good to pick ? Any other suggestions ?

    Reply
    • nooresh January 28, 2012, 16:07

      Hi Mayuresh,

      BHEL at 230-260 seems a better bet.

      And why stick to PSUs?

      Reply

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