11400 breakout would be volatile --quick traders time rest for others!
Sensex Technical View :
Sensex Technical View :
Pasting yest view as it still remains the same.
Sensex
bounces back sharply from the momentum trendline which was around 10700
and is now in striking distance of the recent highs of 11370.
The
flag range is almost 600 points which implies 2-3 sessions above
11350-11400 could lead to a similar move. Possible targets 11650/11900.
Lot
many global indices are similarly shaped and some have broken above the
March 2nd week high ( similar to Sensex 11370 ). A small breakout move
in the week could be witnessed in many global indices. ( CHECK POST
BELOW FOR GLOBAL INDICES CHARTS )
As
explained below a breakout if happens in short term above 11370-11400
on sustaining basis would be very volatile and trick stops of traders
also. Investors should look to book profits , re-shuffle their
portfolio and reduce stocks which they are not truly convinced of and
build a stronger portfolio.
The current move
if one has to trade then should be nimble footed and strict as there
might be many whipsaws in specific stocks also. Reduce volumes if not
able to follow discipline.
Stocks to watchout for :
Larsen is about to breakout above 910 , KFA tricks with a pullback 38.5 stop if already taken, Mundra not yet moved above 420.
Max continue to remain bullish in the long run 155 zone resistance for now.
CIPLA
The
stock has given a breakout above 245 zones today but did not sustain.
If continues to stay above 234 may expect a move to 265 levels also.
Risky trading picks --- Keep volumes low and strict stops
Voltas can give a small move if holds above 58. Tgts 66/72.
LnT stop of 884 can tgt 940-960 zones also.
ONGC stop 830 tgt 885-900. Weak below 830
I
would urge readers to put in their comments/suggestions on the blog or
mail to noorrock2002@gmail.com ...Investors who have asked me for
starting new services also mail us the suggestions about what u want in
the services.
Best Regards,
Nooresh
09819225396
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