Sensex Technical View:
The view remains the same as yesterday.
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.
So for now we booked partial profits around 5025-5040 and re-entered at 4980. Will again look to do the same to book on rise. My positional view as before remains positive for higher levels but these ping-pong trades help us reduce the average acquisition price.
Stocks to watchout for :
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June 10, 2010
Superb analysis sir.
Best technical analysis using time, news and levels.
It is very useful for all type of trader and investor.
I wish u grow more and more in ur capability of analysis
June 10, 2010
Hey Nooresh,
Just wanted to thank you,i mean the whole world was short on steel and you were the only person who said Tata steel and Jindal Steel will bottom out and trade for a target of 500 and 650 respectively,The target not yet reached but still its looking good ..thank you so much,and can u suggest me some thing for a short period investment (6-8 months).
Manish
June 10, 2010
Hi Manish,
The view on Steel is its highly oversold and the sector should again see a bounce of 10-15% from the lows. For the record i do have a buy call on Tata Steel initiated yesterday at 460 and am expecting 485/500 in extreme short term. You can look into Dhanalaxmi Bank,Prakash Inds, Fortis with a 6 months view.
Regards,
Nooresh
June 10, 2010
sir,
I depend ur views for my trading strategy. Yesterday it was a good call to buy tatasteel.
Now i plan to short sell RCOM at current level, pls give me ur kind advise
regards
Siva Prakash
June 10, 2010
Hi Siva,
I am not good at finding short trades generally. Continue to hold Tata Steel and buy MNM
Regards,
Nooresh
June 10, 2010
hello sir
yesterday i had a question to u regarding telecome stock
please pardon me if u sense desperacy in me
rcom against our views, not only crossed 175 closed abv it, so does bharti ( double bottom on monthly and weekly charts ), closes abv 285
and tata comm, also given a bullish views
wud u like to hav a re look at the telecom stocks
thanks answering
rashmi, ur admirer
June 10, 2010
Hi Rashmi,
Expecting 300 on Bharti , MTNL to zoom 10% ,Tata Comm 10% is normal but still not a long term trend change as of now. For now i prefer Metals for bounce.
Sugars and Telecom do have 10% bounce chances
Regards,
Nooresh
June 11, 2010
sir do u use bse charts or nse charts in ur analysis ?
June 11, 2010
I use BSE charts generally