9400 acts as a barrier as mentioned yesterday....
Sensex Technical View:As
was observed yesterday on the technical chart shown that 9400 remains a
resistance which is the recent top. Sensex made a high of 9380 and
closed around 9236 pulling back more then 150 points from days high.
If
we see this is the third attempt towards 9400 zones. Only a move beyond
9450 can generate a test of the lower trendline again which comes to
around 9900 +. Support on downside would be 8650/9050.
As
volumes have been low in both the dip below 9k and again a pullback to
9400 the short term direction remains ranged but the short term
downtrend remains in place till we dont get back above the trendline
shown.
Stocks to watchout for :
Gmr
infra and titan were not able to sustain higher levels so no trade
initiated. Glenmark for only high risk players !. colgate holding above
415 looks positive.
BHEL
The
stock last time bounced back from 1300-1320 range but has not been able
to cross 1430 levels to show positive signals. Breakout on either side
would give a tgt 1200 or 1500. Traders can keep a watch.
RCOM
The
stock continues to remain under pressure with the price close to
october lows of 148.If breaks below those levels the stock could take
much more hit.
GNFC
Seems the stock is making a bottoming out formation. A close above 62 would mean a breakout move to 70 + .
Market Observations and Thoughts :
Its
become a common observation in last days of expiry of some stock
showing irrational movements. Last month we saw educomp moving in huge
discounts on last day and some others.
This
month Akruti Nirman a stock which went into FNO curb ( 95% cross ). The
stock was quoting at 200 rs discount in feb futures. The stock has
moved from 530-550 to 900-950 in 2 weeks.
The
speculation in futures markets continues to remain high in India as
there is no market for stock lending or borrowing or physical
settlement of derivatives ( India is the only market which still
settles on cash ) .
Some thoughts to ponder on---
Many
a time another thing that intrigues is the flashes which come on news
channels, media. Stocks tend to move violently after newsflashes and
media reports. Is there a build-up to make gains from it or a cartel
???
Many
promoters are buying back into their company holdings. Quite a lot of
promoters group had placed shares at higher levels to fiis, funds many
of whom have trimmed positions.
Can
we say promoters are buying back what they placed at higher levels ,
unofficial/benami stake booked in bull period or is it because the
valuations have come down sharply??? In cases warrants were not
converted as need to pay only 10 % ( stocks have fallen much more then
that). Will some promoters again issue warrants ??? to benefit this
time around ? ...
Best Regards,
Nooresh
09819225396
noorrock2002@gmail.com meraninooresh@yahoo.com
http://nooreshtech.blogspot.com/
Nooresh
09819225396
noorrock2002@gmail.com meraninooresh@yahoo.com
http://nooreshtech.blogspot.com/
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