Sensex Technical View :
The last posting i made on Sensex was last friday. Just pulling some of the lines below.
Technically we should now pullback a bit from this band or at least take a pause for a few sessions. We would review the same in the middle of coming week.
Bottomline : Those who bought on our call at 4800 are at gains of 300+ points on Nifty should now book profits and enjoy the weekend.
Nifty did a high of 5130+ which is a cool 300 + points trade. Hope readers enjoyed !! if so do drop in your comment.
Technically the bounce back was expected to be 50/61% of the total move from 18k to 16k which roughly came to 17000-17250 band where we booked out for near term.
The next dip should again ideally be 50% or lesser of the pullback which comes to around 16400. So we could expect a strong support in the band of 16300-16500 in case of weak global scenario. One can expect a turn around from the current zones to re-test 17k. Closing above 17250 gives a change of momentum. Continue to maintain the stance of buy on dips and book on rise.
For now have advised a re-entry in Nifty futures at 5010/4950 in 2 parts would look to book the same at 5040 + and then trail.
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Stocks to watchout for :
In the last few months we have found pretty good 10% move up trades in metals 3 times. As of now i do expect they might be close to bottoming out but risk-reward is still not favorable for the 1-3 session trade.
But bottom fishers can start buying slowly in Tata Steel and Jindal Steel with strict stops and strict targets of 7-10%
Check the charts below to get a better idea.
JINDAL STEEL :
Lots of bottoms around the 600 mark. Will it hold up again. Think so and give a bounce to 650 levels. But if it breaks down below 595 it could be a quick trade on short side. So good risk-reward and a clean trade of 40-50 bucks it seems.
TATA STEEL :
Lots of supports in the band of 425-450.If it comes to the band then a good risk-reward trade.
June 9, 2010
Your view on KSK, Hindalco and KS Oils what are the near term targets.
June 9, 2010
KSK totally sideways.
Hindalco below 130 the stock can crack.
K S oils oversold
June 9, 2010
We reduced our holding on Friday and now are well placed to add more. Thnx Nooresh
Cheers
June 9, 2010
Hi Nooresh,
Time permitting could it be possible for you to please post a chart analysis for Prakash Industries…I have been trying to read but could not and the stock is just sliding these days but due to the accelerated falls in the last 3-4 days it gives a sense of final bottom formation and going by your views on other metal counters this too can give a small pop….
Any levels to further buy would be highly appreciated.
Thank You
Dhruv
June 9, 2010
Hi Dhruv,
Its more of a fundamental call on the stock with a very long term view.
140-160 is a good zone where it should bottom out technically.
Regards,
Nooresh
June 9, 2010
Is Rs. 45 for DCB and Rs. 60 Clutch Auto a good entry point, with 2-3 months perspctive. Also, should an entry be made in oil marketing comanies and ONGC
June 9, 2010
Hi Anmol,
DCB seems a good entry point. Clutch is now very sideways.
Regards,
Nooresh
June 9, 2010
hi nooresh ji how does everonn looks.yesterday it was rallying on good volumes.
June 9, 2010
Hi Sangram,
Everonn lots of resistance around the 400-420 mark.
Regards,
Nooresh
June 9, 2010
sir w say banknifty give me sl and tg ????????
June 9, 2010
sir,
Let me know ur view abt Fortis , Maxindia, Recoauto, let me know entry levels on these stocks with 6 month view
regards
Anjali
June 9, 2010
Hi Anjali,
Very bullish on Fortis for all time frames. MAX India is an extreme long term bet. Rico Auto not tracking now.
Regards,
Nooresh
June 9, 2010
hi, nooresh i have a lot of ifci at 54.70 what is your view , can it give chance to exit around 57-60 . i will wait or exit.
June 9, 2010
Hi Satbir,
IFCI is testing patience.The stock should do 60 ideally.
Regards,
Nooresh
June 9, 2010
Hi Nooresh, can we expect a mid-cap rally in near future? At what sensex levels, do you think, focus will shift to midcaps?
June 9, 2010
Hi Deepak,
The rally could only on crossing of 17300 levels on Sensex till then trade large caps.
Regards,
Nooresh
June 14, 2010
Hi Noresh, thanks for the view. we are almost at 17300 now 🙂
June 14, 2010
Hi Deepak,
Yes time for me to put my update as promised in June 2nd week on targets being achieved.
Regards,
Nooresh
June 9, 2010
hello nooresh
u mentioned while replying to one of ur admirer
that rally in r com doesnt seems sustaining and u wud wonder if it crosses 175-77 kinda level
and u also mentioned that rally in rcom shud get cooled off around 175 level
now, then when rcom has been sustaining levels like u mentioned
do u see any changes in ur views about rcom
thanks answering
i wanna take positions in telecom stocks like rcom, bharti, mtnl, ttml
kind advise
June 9, 2010
Hi Rashmi,
I doubt if RCOM can cross again. Bharti Tele has had multiple bottoms around 250s. MTNL looks interesting on further declines provided one is ready to wait.
Regards,
Nooresh
June 10, 2010
I have bought Shrilakshmi Cotsyn @Rs.200 . Give me the targets Fundamentally as well TECHNICALLY for 6-12 months.
June 14, 2010
Hi Nooresh,
I have bought Shrilakshmi Cotsyn @Rs.200 . Give me the targets Fundamentally as well TECHNICALLY for 6-12 months.
June 10, 2010
Nooresh bhai –
What is your view on GTL Infra, Delta..u r pick from diwali?
TATA Metaliks?? has it crossed the break out zone..
Delta is lot down…hold or book loss?
Thanks again!!
June 10, 2010
Hi Mihir,
GTL infra as of now is sideways.
Delta Corp is a 1-2 year story and one needs to keep adding and be ready for a test of patience as its more of a funda call. Though it was an error of timing for the stock.
Tata Metaliks did the move also after breakout.
Regards,
Nooresh
June 11, 2010
Hi Nooresh,
Any targets for Yes bank holding 280 Call @ 10.00