Nifty Detailed View :
Here we see that there are cluster of supports between 4450-4550 levels ( 4 reasons given ) from where Nifty should bounce back atleast till 38.2% retracement level of the entire fall from 5400 as it has done in previous major falls in this falling parallel channel that could be closer to 4800-4850 levels as a bounce back target.
1 ) Lows of 4550 in nov 2009 are critical
2 ) 50% retracement of entire rally from 2550 to 6350 is placed around 4450.
3) RSI - highly oversold, at same levels where previous important lows in Nifty were formed. We are near to 28. Generally we bottom at 24-26 levels.
4) Lower end of falling channel is placed around 4500 so this should act as a major support for the Index
Now similar chart for Sensex is below. 14800-15200 band should support.
HAPPY INVESTING ,
Nooresh Merani
November 24, 2011
Sir kindly suggest some quality stocks that we can buy.
November 24, 2011
Hi anjali,
Have been suggesting many stocks like nesco,smartlink,godrej,aditya birla nuvo as good bets.
One may now even look at Ashok Leyland at 24 levels with a 4 % div yield. Escorts may be a moderate risk high return bet.
Technically i would still wait to bet on momentum trades.
November 25, 2011
hi nooresh,
do you still prefer Ambuja Cem. at this price as defencive bet?
thanks
Bhanu
November 26, 2011
Yes at current levels looks good stoploss 135
November 25, 2011
Thanks for ur posts really fantastic
i am learning from ur posts
All the best
Thank u
November 26, 2011
Thanks for ur kind words
November 26, 2011
Hi Nooresh,
I need your inputs on couple of stocks
1. FSL, currently trading at 8 rs, company is in profit throughout but just cannot sustain. What issue you see in this and can a quick bounce be expected. Also horizon for 1 yr and i hold this stock with avg price of 33 Rs.
2. Anantraj
Regards,
Sanjay
November 26, 2011
Fundamentally many doubts on the cos.
Also lets wait for some turnaround signals. But a must keep in radar.
November 26, 2011
sir i want to buy bgr energy @200 for small pullback,, is it good idea..
November 26, 2011
Will prefer to wait for turnaround signals.
November 27, 2011
Whats ur outlook on Patel Engineering ?
March 26, 2012
What about Adity Birla Nuvo @950 level can I buy at this level or any dip is expected. Tell me about Dabur/ Fortis Health Care/ MCX
May 12, 2012
can you guide me on diamond power infra, shriram transport finance and solar industries. can we start buying these stocks at current levels.
May 13, 2012
I dont track the 3 stocks closely
October 26, 2012
SR, I M NEW TO THIS STOCKMARKET,I AM TRADING IN COMMODITY , BUT FROM UR SITE ,I AM GOING ENTER IN THIS MARKET.
October 27, 2012
Good ayyapan keep stoplosses