Technical Analysis of Indian Equities by Nooresh

Sensex 20270/20400 should provide support and can see a bounce.



Sensex Technical View:


As suggested a few days back about a negative divergence seen in Sensex and we could see gap filling at lower levels Read entire post here - 

For now the 2 gaps have been filled. One would expect 20400/20270 to hold up in near term and a bounceback from the same.

Any correction nowadays does scare of investors as people have become used to daily upmoves. One needs to watch the risk management and leverage while trading. Till Sensex doesnt break 19750 there is no reason to be unduly worried.

One can even look for index longs with a stoploss of 20200.


Stocks to watchout for :

Reliance Inds is a good bet around 1060-1075

HPCL around 450/430.

IDFC at 193-195



MUMBAI November 13-14


Ahmedabad November 20-21


Sensex at 21k – the Journey Ahead Free seminar in Ahmedabad on November 20 – Read here for the invite Sensex at 21k – the Journey Ahead Free seminar in Ahmedabad on November 20 – Read here for the invite





Article by Nooresh Merani

Nooresh has written 2799 articles.

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{ 29 comments… add one }
  • murli November 12, 2010, 12:13

    thanks for ur grt support on levels…

    • nooresh November 13, 2010, 11:41

      Hi Murli,

      The supports dint hold 🙁 so got stopped out today on the index trade and made a 50 point loss 🙁

  • kunal November 12, 2010, 12:18

    Hi Nooresh,
    Thanks for your valuable advise on the index.
    As you mentioned in your earlier posts, sugar stocks like triveni and renuka have given a good fall in 2 days. Is it the right time to get into the above mentioned stocks for short term as a demerger is also expected in TRIVENI?
    Kindly advise.

    • nooresh November 13, 2010, 11:40

      Hi Kunal,

      Well I dint expect sugars to fall sharply got stopped out on a fresh trade in triveni 🙁 . Triveni around 110-114 looks good for an entry with medium term view.

  • Arun Karthik November 12, 2010, 16:39

    Hello Nooresh,

    20,220 also taken out so easily.. Where is the next stop? Should we wait till 19750 or start selling our portfolio slowly?

    • nooresh November 13, 2010, 11:36

      Hi Arun,

      The momentum in the current drop has been surprising ! to be frank have been caught on the wrong foot with not being able to spot such a decline in matter of 2 days! Well the medium term decision is simple close below 19750 would exit till then there is nothing to worry.
      Apart from that this fall is healthy as it fell post a divergence its just the pace which is surprising. I expected a slow decline with midcaps holding up which they havent.
      I would wait for 3-4 sessions and watch the moves closer to 19800 and 20500.

  • A K November 12, 2010, 17:27

    What is your view on your old favourite…Sun Pharma Advanced? Lot of volume action…seems like the tough 111 resistance line must just break and the stock could deliver around 20% easily post the breakout. Can you give me your reading and possible targets.

    • nooresh November 13, 2010, 11:34

      Hi AK,

      The stock can definitely give a sharp move above 110. The main reason out here is a molecule discovery which if happens the stock could give a big run but its been a long time waiting for it 🙁

  • Siva Praksh November 13, 2010, 20:35

    If u get time kindly make available the details of the Nov:20 seminar for blog readers like me


  • Jay Vora November 13, 2010, 23:22

    Hi Nooresh
    How r u?
    What is you suggestion on UFlex & Sujana Tower at this level ? Can I buy it for short to medium term?

    Jay Vora

    • nooresh November 15, 2010, 09:51

      Hi Jay,

      Both seem to have over done the move

  • vir November 14, 2010, 10:12

    Hi Nooresh,

    Wha is your view on Kallam spinning And orcid chemecals.

    I have news that both scrip have target of 95 and 450 respectively in two month.

    what is your view on both scrip.

    • nooresh November 15, 2010, 09:51

      Hi Vir,

      Kallam can wait for some dip. Orchid just too much of news so no view.

  • rahul November 14, 2010, 10:15

    Hi nooresh ji,

    I am holding bharti airtel from 332 level. please guide me


    • nooresh November 15, 2010, 09:50

      Hi Rahul,

      Exit on rise

  • Pritesh November 14, 2010, 10:17

    Dear Nooresh,

    I am holding HEG and Valeccha Eng. I have bought Heg at 304 and valechha at 190.
    what should i do ?

    • nooresh November 15, 2010, 09:49

      Heg can shift to some other pick. Valecha hold for 215/240.

  • raja November 14, 2010, 11:03

    what is your view on kallam spinning and orchid chemicals. I have news of 95 and 450 respectively in two months.


  • SIVA PRAKASH November 14, 2010, 17:42

    pls post the details of the nov.20 seminar in blog

    • nooresh November 15, 2010, 09:48

      Hi Siva,

      Training Session in AHmedabad November 20-21 and a free seminar on Nov 20

  • Mahesh November 15, 2010, 08:51

    Hi Nooresh,
    Your analysis is too good. What do you think of Hindustan oil.

    • nooresh November 15, 2010, 09:48

      Hi Mahesh,

      Positive for long term.

  • Sunayana November 15, 2010, 10:49

    Hi Nooresh,

    Can you please update on City Union Bank? I bought it post your reco.
    It has gone down after touching 52 levels. Is it a hold or exit. Your stoploss (46.x level is very close).


    • nooresh November 15, 2010, 12:35

      Hi Sunayana,

      Keep a stoploss of 46 on closing basis

  • bhanu November 15, 2010, 12:09

    hi Nooresh,

    Bajaj Hind touched stop loss of 126 but bounced back. Should this be considered as stop loss hit or should it be bought on decline? THe call is to buy on decline till 128 and 126 as stop loss for target of 150 + in 3-6 months. In trading this can be consided as stop loss hit for a mid term call how do we interpret this?


    • nooresh November 15, 2010, 12:33

      Hi Bhanu,

      Keep it on closing basis. I am very bullish on Sugars in months to come

      • bhanu November 18, 2010, 12:13

        hi nooresh,

        What is the call now Nooresh, Do you still hold bulissh view on Sugar?

        b hanu

  • Rajeev November 15, 2010, 13:06

    Hi Nooresh,

    thanks for your wonderful posts and suggestions. What do you suggest about accumulating jindal poly and apollo hopsitals at these levels?

    Thanks a lot.

  • Manish November 15, 2010, 14:57


    whats your take on Aarvee Denim is short & medium term & also Marksan Pharma.


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