Technical Analysis of Indian Equities by Nooresh


Nifty Technical View

This is a nice chart posted by one of our team members at Analyse India.

NIFTY - 2012

Nifty is likely to find support at 4950-5100 range and here are the reasons:
1) Nifty for whole of 2011 was in downtrend by making Lower High & Lower Low pattern.
Now after making a Higher High in Jan 2012 Nifty is likely to make a
Higher low around 4950-5100 before heading to new highs likely by Q4 FY13
2) 50% retracement level of entire rally from 4540 to 5620 is placed at 5080
3) 61.8% retracement level of entire rally  from 4540 to 5620 is placed at 4950
4) The upper trendline of the 1 year old parallel channel ( green lines ) is now somewhere around 5100 level which has already been tested once
before should act as a major support again for the index
5) The recently formed downward parallel channel ( pink | | lines) should also give support to the falling Index and is curently placed at 5050-5100 levels



My view is pretty 5150-5200 remains the base in short term but over the next 1 year 4950-5100 is a very important zone.

The strategy is yet again simple – Buy the dips πŸ™‚ book part in rise to increase cash for dips.


Yesterday got stopped out in the intra trade on siemens but sticking on with a positional view.



BANGALORE β€”β€”β€”- 24-25th MARCH.

Few seats left. For more call Kazim 09821237002. Mail .

If you have any more queries sms me on 09819225396


Happy Investing,



Article by Nooresh Merani

Nooresh has written 2800 articles.

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{ 7 comments… add one }
  • Chaitanya March 23, 2012, 11:28

    There are still 4 gaps left in nifty from the move of 4500 – 5600 rally . The last gap near 4640 levels. Normally gaps get covered . Is these gaps measured gaps since according to u markets are very bullish so it might take lot of time to cover the gaps. Even the biggest gap of nifty at 3800 is still not covered… Will it take lot of time for it cover?

    Thanks and regards

  • r singh March 23, 2012, 13:41

    A very timely and informative post! Thank you.

  • arun March 23, 2012, 18:53

    I have heavily invested in Sterlite Tech and GMDC based on the technicals from 43 & 203 resp.
    They have fallen down and wondering should I book loss or continue to hold as investments and what levels to book profits?

    Pls do help Sir

    • nooresh March 23, 2012, 23:22

      Hi Arun,

      Even we are holding on to Gmdc πŸ™‚ taking a knock. I remain bullish on long term and averaging on dips.
      Sterlite tech can keep a stoploss of 38 as its a speculative trade. We booked out at 46 on spike.

  • Chaitanya March 24, 2012, 00:40

    Thanks a lot sir for sharing valuable information on gap theory.




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