Technical Analysis of Indian Equities by Nooresh

Need a sustaining move. …..

Sensex Technical View :
Sensex is poised in a very crucial stage as of now and a breakout move should happen in next 5-7 sessions ideally. Crucial levels on the upside is 18100 and on lower side 17500 . Only on sustaining above or below can lead to a good 500-1000 points move on either side. So in case there is nothing negative in the budget then next few days can see a try to break 18100. This is the last trigger fundamentally which if digested then a good base formation can be seen. High risk traders can go long on dips with a stop of 17500 or buy above 18100 .

World Indices also did try to hit the triangle breakouts and prev tops and have come back so next 1 week shud decide whether we can go towards the breakout or again for some more consolidation or testing base ...

Stocks to watchout for :
Fertilizer stocks have moved up as expected nagarjuna and chamble have inched up and traders who booked before should look to book at 5-10% rise and trail as its like buy on rumours sell on news.
Steel and textile stocks have seen speculative buying and are looking good on charts .
Ranbaxy continues the move and next tgt would be 460 and above that there could be a major upmove.

An exciting day ahead with the budget and lots of volatility as usual....

Best Regards,



Article by Nooresh Merani

Nooresh has written 2800 articles.

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