Technical Analysis of Indian Equities by Nooresh

Whipsaws in a consolidating market.

The current market has been very choppy in cases and very clear in some other.

Quite a lot of stocks tend to drop like a rock in a breakdown whereas some tend to whipsaw sharply.

 

Some examples below.

 

Ashok leyland

ashokleyland

 

This is one stock which got us trapped at 27 odd levels. Had to average at 24-25 to get out at bounce.

 

A couple of sessions back it gave a clean breakdown below 23 but is now back above 23. Although volumes were supportive.

 

Couple of reasons for the bounce. The dividend yield becomes really interesting at 23-20 levels.

bharatforge

 

Bharat Forge --- This was one of the short trades initiated recently. Keeping in mind the current status was booked 4-6% lower and now its possibly staging a whipsaw.

 

BOI

 

BOI --  A breakdown which did crack pretty quickly

 

hdfcbank

 

HDFC Bank ---- The stock is one of the main stay in the index not letting the Sensex/Nifty crack. Any breakdown is seen by a faster pullback.  Even HDFC Limited sees similar pullbacks.

 

Just a few quick charts posted.

 

Aditya Birla Nuvo one of the stocks recommended at 800-820 as entry price has dropped a bit more to 730-750 levels. Still remains a fundamental call with a medium to long term view. Continue to hold and add. Technically 740-700 seems a strong support. Will keep a long term stop on weekly closing below 700.

 

Some stocks under research --- Repro, Aarti Drugs , Mazda Ltd, Atul Auto , Puneet Resins ---- Just came on my screeners if people tracking please post a comment or mail.

 

TECHNICAL ANALYSIS TRAINING PROGRAMS PLANNED FOR JANUARY.

 

Also for people who cannot join at our courses in Mumbai or other cities we have started conducted a 2 day online training program. For more details of the schedule speak to Kazim 09821237002 or mail to analyseindia@analyseindia.com

 

A nice sms and bbm being forwarded of late.

 

Sale  * Sale*  Sale
Share mkt me jabardast sale,
Sugar sector pkd- 85/- Renuka, bajaj hind & balarampur
Bank sector pkd -
500/- me 7 Bank
IDFC, IDBI, UCO, DENA, VIJYA, ANDRA & SYNDI.
Infra sector pkd-
85/- me
GMR, LITL, IVRCL, GTL & SREI Infra
Realestate Sector Pkd- DLF, HDIL, Unitech & IBR only Rs 300/-
Very Spl offer in Branded items-
KSOIL - Only 6/-
Punj- only 38/-

 

Happy Investing and a Happy Christmas ,

 

Nooresh Merani

 

nooreshtech@analyseindia.com

Article by Nooresh Merani

Nooresh has written 2569 articles.

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{ 5 comments… add one }
  • jagdish k modi December 23, 2011, 18:06

    hello sir silver and gold me kya lagta he pls ans me

    Reply
  • Gandhe srinvas December 25, 2011, 21:19

    Dear Nooresh sir

    Since the year is gone expectiing the results in january we bet on which bank in these three banks ICICI v/s HDFC BANK V/s Axis bank

    Please let me know inlarge caps for potential 8-10% returns in next 10-15 days

    Reply
    • nooresh December 26, 2011, 14:45

      I would be betting on Axis and Icici on dips if i am forced to else no bets 🙂

      On the large caps side right now moves are not big of 10% and that too clean moves, But BHEL and LnT look good.

      Reply
  • saurabh shankar January 4, 2012, 10:15

    Hi Nooresh,

    Is piramal healthcare in breakout/trading range now?

    regards,
    saurabh

    Reply
    • nooresh January 4, 2012, 16:00

      Hi Saurabh,

      Yes it is making new highs but no momentum.

      Reply

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