.: Technical view by Nooresh on Sensex/Stocks/Commodities

Monday, 16 December 2013

Technical view by Nooresh on Sensex/Stocks/Commodities

Free Technical Analysis Software – Part 2 – ChartNexus

Posted: 16 Dec 2013 09:19 AM PST

In our previous article we had covered – Gannalyst Professional 5.0

Chart Nexus another interesting end of day data software which gives you a lot of exchanges for free. A quick and simple to use software which has all the basic technical tools.

Steps to install Chart Nexus

- > Download the software from this link Chart Nexus – Software Download Link

The basic settings on usage are well documented in a simple format in their Start Up Guide.

Chart nexus Starting Up Guide from Nooresh Merani

-> Once you have selected the exchanges ( Can select SGX and NSE from system settings ) it quickly downloads the data.

Important Features

More than 20 indicators to choose from and parameters are customizable.

Annotations and drawing tools to mark important points on the chart.

Single click to navigate the chart.

Portfolio manager to keep track of your trades

Spread calculator to easily calculate profits and losses

Save your chart as a picture or print it out from a printer

Review

The software is very basic in terms of utilities and simple to use but lacks a lot of drawing tools and back testing functions which are needed for much more detailed technical analysis.

This is an excellent software to start with and also for a quick technical check.

The data availability in the free version is only 3 years which is the biggest drawback.

Saving as picture and templates are good features of the software.

Adding and removing indicators is a quick one step process.

Would recommend using the free version and not the paid one.

I believe many readers might be using the software and would like them to put their views in the comment box. Those who find any queries on the software and can post too.

TECHNICAL ANALYSIS TRAINING MUMBAI

December 21-22.

For more details mail to nooreshtech@analyseindia.com or call 09819225396 Nooresh ( after market hours )

Book Recommendation

Continuing with the book recommendations as in previous posts and to get some e vouchers as an affiliate below are a couple of books am looking forward to read. Already ordered the checklist manifesto by Atul Gawande and next in list is Thinking Fast and Slow by Daniel Kahnemann

Thanks and Regards,

Nooresh Merani

www.analyseindia.com

Twitter – https://twitter.com/nooreshtech

Facebook – https://www.facebook.com/nooreshtech

nooreshtech@analyseindia.com

Free Technical Analysis Software – Part 2 – ChartNexus is a post from: Technical view by Nooresh

Wipro – Monthly Breakout – Long term target 700 +

Posted: 16 Dec 2013 12:05 AM PST

Couple of days had mentioned about Wipro looking interesting in the large cap space.

This was one of our recommendations in the Technical Trades report at 475-480

Below are two charts taken from the report.

Wipro Daily Charts as on 2 weeks back.

Wipro weekly charts 2 weeks back

The way stock was consolidating gave a very good indication that stock may go through 520 levels with ease and fortunately it has.

Now lets look at the monthly chart.

-> There have been almost 3-5 attempts at 300 and 500 in the last 3 years.

-> This gives us a range of 200 points.

-> The breakout now above 520 gives us a target of 700.

-> It may even be possible in the long term it can go back to its 2000 top at 1000.

Trading Strategy :

Although technically its a breakout and you would see almost every technical analyst pitching up this stock today or in next few days the trick lies in getting in before the herd gets in. So although we did get in early at 475-480 but one should be looking at it as a medium to longer term play and buy it in parts rather than jump in totally.

So ideally buy around 520 and wait for a dip to 480-500 to add the positions or keep chipping it over next few weeks.

If the stock does move up to 580 in short term book out some part of the initial position.

Disclosure:

No fresh trade in Wipro but we like the sector and have initiated a buy on Infy at 3410-3420 today morning. Will post charts on infy in next post.