Best Regards,
Nooresh
09819225396
noorrock2002@gmail.com , meraninooresh@yahoo.com
http://nooreshtech.blogspot.com/
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Wait for the Right Trades....
Sensex Technical View :
Sensex
low 9445 yet again close to the point it broke out from. The range
bound move continues. As there has been no follow up on the breakout it
seems index is indecisive to continue ahead. many index stocks are
giving breakouts but no follow up moves is an indication of indecision
so better to be cautious till we dont see large price and volume action
confirmation.
In
the short term we had seen some bottoms around 9020 mark so for the
trend to change completely it would be the important level. On upside
major resistance on the trendline is 9900-10100.
Dow Jones :
While
writing the index has made a low around 7725 closer to 7750. Closing
below for a couple of days would endanger the recent lows. Long term
support is around 6900-7100 which was the low zone made in 1997 and
2002.
Gold :
After
crossing 930 gold has reached the 1st tgt area of 952 and could well be
headed to 980 or lil lower also with dips in between.
Crude :
The pattern is being followed in crude since last 2 mths. Crude march at 34-35 whereas April is quoting at 42-43. Such a gap
Stocks to watchout for :
With
the ranged moves on the index it has become difficult to find good
trades on stocks also as no follow up moves and trend. Sometimes its
better to wait for the right setups then to make small losses just for
the need of trading.
Investors
can continue to wait with cash for the next couple of months and take a
fresh view on deep declines as time-wise pain and correction still
left. ( 13-14 mths )
Colgate
has finally given a breakout move after consolidating around the 415
zone. Can be bought on dips to 420 for 5-10 % upside as defensive
sectors do see upmoves in such conditions. ( hero honda on life high )
Infosys
The stock is losing momentum on upside. Sustaining below 1235 could tgt 1190-1140. Short on rise to 1275-1290 stop of 1320.
Bharti Airtel
Support around 635-638 if stays below could test 618-607 in near term. Only a move beyond 690 would be positive.
Larsen and Toubro
The
stock has made a range of 630-705 in near term. As per mkt conditions
traders can take positions on either side. Short around 697 stop 705
reverse buy if crosses for 735.
Those who are not reading the site a new article on options and some views ---- http://nooreshtech.co.in/noor/index.php?q=content/options
PEOPLE INTERESTED IN JOINING THE TECHNICAL ANALYSIS SESSIONS can mail to noorrock2002@gmail.com or call 09819225396.
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