Technical Analysis of Indian Equities by Nooresh

Sensex at last moves out of the range….

Sensex Technical View :
Again getting back to the chart which was posted few days back showing the triangle. 15950 was the resistance mentioned and the indices dipped twice from those levels . With global cues i was looking towards testing of 15450 and it was a surprising move in index stocks on back of IT to breakout of the range. As was adviced to buy on crossing 15950 for a quick move and movement it crossed the level we saw a 300 point upmove in no time.
Closing above 15950 implies a good possibility of markets trying to test the heavy resistance range of 16800-17200 . There is a minor resistance at 16450. Strategy would be to look for stock specific longs on every dip for limited upside of 15% in particular stocks.
Stocks to watchout for :
RPL , essar oil and Hind Oil exploration continued beyond tgts , MRPL and Petronet sluggish . K S oils looking good for more. Other bottom fishing stocks discussed also look good...
Kotak Mahindra Bank can buy on dips to 670 stop of 654 tgt 750 .
Sterlite Optical looks good for 190 .
High risk bottom fishing candidates =-- Aurobindo Pharma and TVS notors..
Over corrected small caps which look good for investment with a possible return of 20 % in next 2weeks to 2 mths.
KEI Inds , Noida Toll Bridge , Ceat Ltd..........low risk ..
Bpl Ltd , Gulf Oil in high risk category ...
Investors do ur own research before buying into the above stocks.
Best Regards,

Article by Nooresh Merani

Nooresh has written 2799 articles.

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