Technical view by Nooresh

Bank Nifty – Set for a bounce back from 9200-9500.



Bank Nifty – Cluster of supports.


1) 50% retracement level

2) Long term parallel channel.

3) Short Term Parallel channel.


Upside resistance at 10000-10500.


Top Bets – ICICI Bank and Axis Bank.Available at 50-61% retracement.


Risky plays SBI and PNB.


Happy Investing,


Nooresh Merani

Article by Nooresh Merani

Nooresh has written 2532 articles.

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{ 3 comments… add one }
  • smit May 9, 2012, 12:02

    Hi Nooresh Sir,

    Do Read This Thing & pls Give ur Views (Its Very Interesting)

    On 8th May (yesterday)
    >>>Volatility Index (VIX) was at 23 level.
    (Statistically it is assumed that above 25-27 (PANIC) if someones BUYS would get HUGE returns in short term-medium term , long term & below 18-16 (Euphoria) phase is their at that level if one sells will be the luckiest to Exit at High level in Sensex)

    >>>PE (Price Earning)
    On 20th December 2011 Sensex Bottom-out at 15,135 and PE was 16.16
    On 8th May 2012(Yesterday) Sensex was 16,546 and PE was 16.89
    (Statistically it is assumed that Sensex PE has NEVER Gone Below PE:10 , it touches PE:10 at every 8 year cycle like 1992 , 2000 , 2008 . And in Four Years like 1996 , 2004 , 2012 PE Never Go Below 15 PE .Last time on 15th December 2011 it went upto 16.16 …rite now on 8thmay 2012 it is 16.89 . In Euphoria Phase PE always PEAK-out at higher levels around 24-26 PE !!!)

    >>>Technical Analysis
    The Rally From Nifty 4530 to 5630 ….Retracement level of 61.8% comes around Nifty 4976 level. On 9th May 2012 (today) nifty is trading at 5000.

    It is Found That The Highs and Lows made in Sensex & in Stocks are usually made during Amavasya-poonam !!!
    Then The TREND is CHANGED !!! So this time 19th may 2012 (saturday) is Amavasya. !!!
    So Probably Market will Bottom out on 17th (thursday) or18th (friday) or on 21st (Monday) And New Bull Run Will Start…

    Even 90 days correction will end on 17th-21st may 2012 .

    >>>USD v/s INR
    Dollar it Seems have made double top formation and it may Peak-out at 53-54 level & will start its downward journey towards 48 level soon !!!

    Finally , Remember This Chart
    Year Sensex
    1992 2000
    2000 6200
    2008 21000
    2016 60000+


    And A New High Might Be Created Before Diwali 2012 or in Quarter-Fourth i.e in January 2013 (Nooresh Sir u Only Told Once This & i Also Agree With It)

    Market Is Supreme & Nooresh Sir is Great !!!

    Thank You

  • smit May 11, 2012, 11:15

    Pls Give Feedback on above post… and regarding nifty…as it has broken 61.8% retracement level of 4530 to 5630 nifty…which comes to 4950…so now the next (wish this is last forever) comes at 74.8% retracement which comes to 4816 nifty level…even u have mentioned this level as “Rock-bottom”.
    Eagerly waiting for ur reply sirji !!!

  • Vishal Patel May 11, 2012, 12:05

    PE of 15 is too high if one consider the other developed market PE.

    Market is going to nose drive to Nifty 4000 within 3-4 month.


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