newsletter

(Nooresh Merani)

Sensex Technical View :

Sensex has been struggling around the 17k mark and technically this is a difficult resistance band which makes it a little dicy as the risk-reward is shifting from further fresh longs.

Ranges of importance 16900-17200 and 17700. On down side 16400 is an important level for near term.

The dilemma now is the broader market looks very interesting compared to the index heavies. So it seem the solution is Short Nifty futures/or buy 4800/4900 puts as a hedge to short term longs in Midcap/Large cap stocks.

Sharyans : Interesting bet on fundas also for long term investors.

Nilkamal Plastics : Earlier recommended to clients from 75 to 90 and then 90 to 150. Possibly a fresh move on sustaining 157.

Mercator Lines : Wait for confirmatory moves with volumes.
Alok Inds : Short term traders can keep track for coming weeks.

Stocks to watchout for :

Petronet LNG if crosses 78.5 expect a move to 82-88 in extreme short term.

GAIL is firming up on charts if continues to close above 365-370 expect a quick move above 400.

Pure fundamental Investors can look towards Indian Metals and ferro / Saraswati Industrial Syndicate /Revathi Equipments /Karur Vysya Bank for long term safe returns over 1 yr.

Small Cap risky ideas with 1 month view for a tgt of 30% stop 8% frm cmp :

Hanung Toys

D S Kulkarni

Mudra Lifestyle 

 

MY CHART

Nifty :: Once again an green candle with low volume.. Face strong resistance before aggressive trader short stop loss 5036.. Short term chart structure confusing in side way distribution pattern..Be careful at higher level from bottom Nifty constantly made an a-b-c zigzag pattern in each leg.. And in last leg final C wave may be over or near to end. Still intermediate bullish structure intact as far as stay above 4900/4882 .. Use this stop loss strictly for mid term buying ..For 30th Sep watch two strong resistance 5020/5036.. Our strategy for 30th Sep up to 5036 sell at high (S.L 5036) buy in deep (S.L 4882). Resistance for up move at 5020/5036/5046/5070/5101.. Supports at 4985/4960/4931/ 4900/4882..
(If Nifty break 4959 without crossing 5020 then chances of breakdown is increasing in coming days..)

 

 FOR DATE 30-9-2009
SCRIP = CHENNAI PETROLEUM CORPORATION LIMITED (NSE),
SCRIP CODE = CHENNPETRO,
PREVIOUS CLOSE = 262.85,
STOP LOSS = 254,
TARGET = 325.
FOR INTRADAY MOVEMENT OF THE STOCKFILTER PLEASE Click Here!
(OR CLICK THE LINK ABOVE LIVE SENSEX WATCH.)

CHART AS ON 29-9-2009

WITH A CONSIDERABLE RISE IN VOLUMES, THE STOCK HAS GIVEN A FRESH BREAKOUT IN THE LAST TRADING SESSION. THE STOCK WAS IN A SUSTAINED SWING SINCE SEPTEMBER AND IS IN A STRONG UPTREND SINCE JULY.
THE STOCHASTICS AND RSI HAVE GIVEN A POSITIVE CROSSOVER.
TECHNICAL ANALYSIS  AND PORTFOLIO MANAGEMENT INDICATE THIS COUNTER GOOD FOR A SHORT TO MEDIUM TERM RANGE.
STRICTLY MAINTAIN AND FOLLOW THE STOP LOSS.