Sensex Technical View:
It is one of the most boring phases for the index with no clear moves in Sensex as well as in stocks.
Technically it is about time that Sensex gives a small directional move to either 19000-19400 or 17800 levels.
The breakout levels are 18200 on downside and 18700 on upside.
The levels of 17300 and 18700 or roughly 5200/5600 Nifty has already been tested twice. So next time it tries a hit it will breakout.
As of now Sensex has made a higher bottom in extreme short term so the possibility on upside is with a higher probability.
One of the distinguishing factor is the broader indices have still not pulled back. So we may see stock specific once SENSEX and NIFTY cross 18700/5600.
Stocks to watchout for:
Tata Motors:
One of the few stocks in the current market which is holding the trendline. Also above the 200 dema.
The uptrend remains intact. Moving above 1200 could give a trading move to 1300-1400 also.
For now i would prefer to go with the Tata Motors DVR which i expect the price gap to narrow.
We have started with Commodities as well NOW ! The last few trades have been super – Copper 445 to 430, Silver 54700 to 53700, Zinc and Nickel shorts and so on.
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Regards,
Nooresh
March 11, 2011
Hey Nooresh,
thanks for your analysis.
I have feq queries,
– TCS/HCL – given the IT sector is poised to grow is it a good time to take fresh entry in this two?
– Lokesh Machines – can we average this now?
– ION Exchange – near to 52 wk low, can we take fresh entry
all this on a 6 -8 months view
Thanks for your help!
March 11, 2011
Hi Mihir,
I am waitin for markets to stabilize before making fresh entries
There is no major fundamental change in companies but a change in market outlook.
ION exchange will test patience and is not coming out transparently
March 11, 2011
Dear Nooresh,
I think other than range market may shift to down side as fundamentals are not in support like Crude, International news & markets, Macro and Micro Numbers and look like market is waiting for downside and good valuation Yet to come.
Sumit Jain
https://blog.sufin.com/indian-markets-once-again-into-dilemma/2011/03/
March 11, 2011
Hi,
Let us wait and watch … Let the markets decide.
March 13, 2011
Hi nooresh,
SBI below 2550 can test 2350-2250 as per triangle targets.
Tata steel already broken down and is heading towards 575 and below 574 it can do 550-530….
Icici bank below 992 can do 950-940…
March 14, 2011
Hi Shivaji,
There are many bottoms at 2500 for SBI so will be better to wait for that to go.
We will wait for confirmatory moves on downside.
March 13, 2011
NO 1 GIVE SUPPORT OR GUD DECISION DRNG D MKT FALL EVEN U SIR.
March 14, 2011
Hi pratik,
I cannot support 🙂 the market and provide hope. Ever since Sensex broke 19900/19000 have maintained a bearish bias and just a bit on sidelines for now.
Patience will be tested.
Regards,
Nooresh
March 14, 2011
Hi Nooresh,
Lokesh Machine is rose around 15% today, any news or direction on this stock, on a 1 year basis how does it looks.
thanks
bhanu
March 15, 2011
Hi Bhanu,
Dont know if any announcement seen.
March 18, 2011
Very right said. Keep it up. Today sensex broke range in lower end. whats next ?