Sensex Technical View:
The strong move in Sensex as expected ( breakout was being discussed in our previous posts) has taken the index quickly to almost 19500 levels which is a move of almost 800-900 points above the breakout point of 18600-18700.
There is yet no signals of a turnaround but it seems that Sensex should now pause from the 19400-19600 band and consolidate or dip to lower levels.
Disclosure: Taken an anticipatory short at 5825-5840 levels with a stoploss of 5865 and booked part at 5785.
Also this could be a good hedge to the trading portfolio.
Nifty similar levels could be 5840-5875 as a pause level. High risk traders can short but keeping a strict stoploss.
Stocks to watchout for :
SIEMENS - Possible Sharp move above 740
Can DLF be the leader in real estate stocks - Stock can give a sharp move on sustaining above 335-345 zone. High risk trade with a stop of 330 on closing basis. ( Keep strict stoploss as my history with timing Real estate stocks aint good - Have been avoiding the sector since March 2008 ) Check Chart - https://nooreshtech.co.in/wp-content/uploads/2010/09/DLF.png
Rane Brake and the whole Rane group of stocks - Seems value buying coming in.
HPCL and IOC hit new highs. Strong Momentum seen. It can go further.
BL Kashyap has given a breakout. Buy on dips till 400 stop 380 target 460 in medium term.
Ingersoll Rand seems an interesting defensive pick buy on dips for a 6-12 months target of 600.
GARDEN SILK Mills, Arvind Mills and Indo Rama Synthetics all in Textile space are forming long term breakout patterns. Wait for Volume Momentum to set in to add.
TECHNICAL ANALYSIS TRAINING SESSION – MUMBAI – SEPT 18-19
Book your seat at the earliest and become independent in your trading decisions. Call Kazim 09821237002 for more.
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September 15, 2010
Hello Nooresh,
Just now reading this article, but have a short position at 5833. Should I keep it for a few days hoping for a correction or sell it if it closes above 5865?
September 17, 2010
Hi Arun,
Got stopped out.
Regards,
Nooresh
September 15, 2010
SIR,
as per your seminar report , the B wave top is around 20500 do you expect a big correction then?
September 17, 2010
Hi Puneet,
There is a difference between corrections and crash. I do expect a correction.
Regards,
Nooresh
September 17, 2010
Dear Nooresh,
Can you please provide your opinion on Unity Infraprojects and Pidilite Industries for a 1 year horizon?
Regards.
Pranav.
September 17, 2010
Hi Pranav,
Both are excellent stocks to accumulate on declines
September 17, 2010
Hi nooresh,
bght valecha eng. 100@194.2, 4 days back,ansal build@84.7,hold for tgt in shrt period ?wht to do,pls. guide. thanks.
September 18, 2010
Hi Ashish,
Hold Valecha with a stoploss of 182. Ansal Buildwell exit stop hit. For trading my generaly stops are 5%
September 17, 2010
Dear Nooresh,
Ind-Swift Limited has gone on 20% UC today. Are you tracking this stock? Any targets for this one. I am holding it since last 2 yrs and it is today more or less at my cost price. Does it make sense to hold it for longer?
Regards.
Pranav.
September 18, 2010
Hi pranav,
Ride the momentum in the stock.