Technical view by Nooresh

RBI cuts Repo Rate by 50 bps !! Nifty 60 points up and now waiting to breakout.



In yesterdays post had mentioned about the view being positive which has remained every time we come to the band of 5100-5200. Also yet again the Bullish Tuesday did work out.


During the day Nifty did react after the initial surprise announcement of 50 bps to take the speculators stoplosses on both side the later half of the day was a slow and steady rise.

Now Nifty is coming to the crucial trendline resistance which is being tested the third time and a breakout above this is needed to take it to 5500-5650.

The consolidation has been on low volumes so a breakout can be confirmed with a higher volume and price breakout or we see a good close above the recent top of 5380.

As the trend is up expect the breakout to be upwards. Focus on stock specific ideas.


Couple of the stocks bought today and some more which were picked in our Quickgains Advisory Service are posted below.


REC – picked around 228-229 for btst.


Coal India bought around 350.



Will look to book the same tomorrow on a spike or keep trailing stoplosses.


Meanwhile Aurobindo did 130 today.


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Happy Investing,

Nooresh Merani

09819225396 ( after market hours only )

Happy Trading,

Nooresh Merani

Article by Nooresh Merani

Nooresh has written 2531 articles.

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{ 2 comments… add one }
  • Kaushal April 18, 2012, 23:30

    but volumes and volatility are both down…vanished. there’s hot air n oxygen (technical setup) and a spark (50 bips rate cut), but where is the fuel (volumes, volatility)?

    • Nooresh April 20, 2012, 13:57

      Wait for the fuel to come till then be stock specific.


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