Been on a break for a week or more and while going through charts found some interesting charts to be kept on radar.
These are not recommendations - Please do your own research and risk management
Bharti Airtel - Multiple bottoms at 280 and now crossing the recent highs around 330. Is this a sign of reversal or just another attempt at 360-380. ( Recommended in Technical Traders Club )
Bharat Electronics - Breaking out of a 2 yr range and all time highs. A lot of PSU names are breaking out ( another is Engineers India )
AIA Engineering - A cup and handle formation in technical terms or rather say 3-4 tops around 1350 in last 1 year plus. 1150-1350 the recent range of consolidation. Watch for a break above 1350.
KPR Mills - This has been a favorite stock in the Textile space not as widely tracked as the other textile company with K - The stock has been in a strong uptrend all through last 2-3 years.
Again making a fresh consolidation between 520-620 ( adj for split). Watch for a move beyond 640.
Disclosure - ( Recommended in Big Value and me and my family hold some shares - Please read disclaimer )
Lupin - Multiple Bottoms at 1400. Can it break above the multiple tops and resistance at 1550-1600 and change trend ?
MRPL - Another PSU stock which is now at a 6-8 years high.
Shemaroo - A breakout move done. A retest of 350-360 could be a time to watch out for.
Shilpa Medicare - A favorite among of a lot of investor friends. Finally broke out into all time highs but no follow up. A dip to 580-620 to watchout for.
Transformers and Rectifiers India Limited - Multiple tops at 380-390
Some Market Thoughts
In my last few posts had kept mentioning how smallcaps/microcaps were moving way too much and way too fast. Can see those views on this post - ( http://www.nooreshtech.co.in/2016/11/stocks-on-radar-unichem-labs-tv-today-aia-engineering-shemaroo-kei-inds-triveni-engineering-exide-inds.html )
The smallcaps/microcaps needed a reason for some correction which has come in the form of the news of demonetization / trump etc.
Technically the view remains the same - Can remain boring for some time . Detailed view -
Nifty RSI as oversold as 2008/2011 – But Midcaps/Smallcaps No Major Correction. Bottoming Out ?
Now would be a time to watchout for stocks/sectors which cross recent highs and show relative outperformance and leadership. One such spot is a lot of PSU stocks like Engineers India , BEL , MRPL , Nalco, ONGC etc have made new 52 week highs. Will need to watchout for these names in coming months.
Another sector which can be a surprise could be telecom.
Overall this could be a good time to research and be ready to deploy cash on declines or on finding new sectors/stocks.
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Nooresh Merani
Securities covered above:: Bharti Airtel , BEL, AIA Engineering , Lupin , MRPL, Shemaroo, Shilpa Medicare , TRIL
SEBI Registration disclosure – Investment Adviser ( INA000002991)
Financial Interest:
Nooresh Merani and his family/associates/ analysts do not have exposure in the securities mentioned in the above report/article.
Nooresh Merani and his family/associates/ analysts do not have any financial interest/beneficial ownership of more than 1% in the company covered by Analyst.
Nooresh Merani and his family/associates/ analysts have not received any compensation from the company/third party covered in the above report/article ever.
Nooresh Merani and his family/associates/ analysts has not served as an officer, director or employee of company covered in the report/article and has not been engaged in market-making activity of the company covered in the report/article.
The views expressed are based solely on information available publicly and believed to be true. Investors are advised to independently evaluate the market conditions/risks involved before making any investment decision