Technical Analysis of Indian Equities by Nooresh

9300-9500 range taken over,,,9900-10400 range next..

Sensex Technical View :
Finally Sensex saw a move beyond 9300 and a good positive close. The next levels to watch is 9900-10400 on upside. Only a sustained closing above 10500 would open up further chances of an extended rally to 11650-12500 which is far-fetched as of now. Continue to trade on long side with trailing stops and partial booking of profits in stock specific gains.

Stocks to watchout for :

Essar Oil , RPL look ripe for a sharp bounce in short term if continues to close above 78 levels. RNRL above 45 too could give a bounce.

Reliance Inds has given a breakout above 1190 and could tgt 1250/1320/1360 zones also in short term. Stop of 1150 on closing basis. ( as mentioned above 1190 is a buy it did 1230 today )

Hindalco needs to sustain 53.5-54 levels to give a sharp move to 59 +. Stop is 51.

SAIL gave a quick move to 80 above 72.5 and completed 10 % tgt . Reliance moved too. Hindalco on verge of breakout. ITC above 176 and RCAP above 476 could give quick moves too.

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Article by Nooresh Merani

Nooresh has written 2808 articles.

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