Technical Analysis of Indian Equities by Nooresh

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RSI for Sensex – Equal to 2008 panic levels.

In Sensex Technical VIew

  The RSI is now closer to 22-23 last seen in September 2008. After a level of 22.8 RSI in September 2008 index bounced back 10% from the lows but subsequently fell another 20-25% to 7700 levels but gave a positive divergence signal.   So one now needs to watch [...]

Sensex/Nifty Pullback from Oversold Levels. Ideal upside 5050-5100. Max 5180-5230 look to book part of holdings.

  Nifty has yet again taken support on the sloping trendline on the downside shown with circles. Generally it has seen good amount of pullbacks after a test of this line. We may not expect the pullback to target 5050-5100 levels and a maximum upside in extreme scenario to 5180-5230. [...]

Sensex and Nifty Fibonacci Retracements at 4775 / 16000

  Sensex – 38.2% retracement comes to around 16000 levels. 50% retracement at 14500. Technical Breakdown below 17500 gives a target of 15500. So we are soon getting into a zone where we can see recovery.   Metals like Sterlite, Tata Steel could give sharp rallies avoid shorting them from [...]

The risk remains !! – No reversal signs yet. Stock Pickers Market.

  INDIA VIX ------ Volatilities did hit a high of 37 levels where we have seen some panic bottoms but with current scenario we need to watch for any undue movement on VIX above 30 as signal of some capitulation coming in.     SENSEX ---- Breakdown below 17300 confirmed  [...]

Sensex – Short Term Oversold – Channel broken – Down 12% in this leg . Some relief to 17300-17500 possible.

  To be candid my view was 5100-5200 and 17000-17300 would hold up which has not been the case.   Luckily last time around when we bought at 17300 we got some really good moves in many stocks. Also we had a view before of keeping high cash ever since [...]

Sensex Weekly Technical Chart – 17300 and 19200 are major trend deciders

Sensex Weekly Technical Chart:   Let us look into simple technical observations on the weekly chart. -> Its a clear cut channel shown by orange lines and arrow. -> On the other hand its also a triangle shown with blue lines and green arrows. -> The size of the channel [...]

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 [...]

Will RBI give Direction to Sensex.

  Sensex OverView: Just a month back we were at 17300 with lots and lots of pessimism with majority of the market participants looking towards 4800/16000 levels.   Suddenly a month later we are at 18870 which is a decent 8-10% from the bottoms with many stocks hitting new highs [...]

Markets Worried, Global Concerns, Rising Borrowing Rates, High Inflation —-Next Few Months an Excellent Time to Create a Portfolio

  Sensex Technical View: - > The volatility has increased in the index and yet again Sensex found resistance at the trendline. - > The drop has been sharp as before but what we see is contraction of the falls. If the current downmove is not able to break 17500-17700 [...]

Time to be Stock Specific. Sensex – Is it a false start or just the first attempt.

In Sensex Technical VIew

Sensex Technical view:   What seemed like a breakout a day back is now looking like a false start. But this move being the first hit on the trendline it would be too early to consider it a false start or a short term top.   Good supports are placed [...]