A trader needs to be opportunistic and patient in this markets.
Sensex Technical View :
Sensex
does a small pullback and fills the first gap around 8978 by making a
high of 8995. The view remains the same as yesterday to watch for the
8600 level which if holds we could see a possible pullback to 8978
-9270 levels also.
Any
upmove will face major resistance around 9500 in short term. Only a
move beyond 10100 would mean a change of trend on upside in short term.
Similarly 8500 on closing basis remains a confirmation level for a
breakdown.
Stocks to watchout for :
Just a review of some of the views and charts posted in last few days :
ABB and Infosys Charts -- Abb does 380 and is headed lower. Infosys pulls back from 1140-1160 resistance now arnd 1260-1280 difficult to cross.
HDFC Bank and ICICI --- Both the stocks cracked as expected. Could see small pullbacks from 800-830 and 300-310.
Axis Bank and HDFC Ltd Charts ---
Axis Banks dips below 375 to touch 355 . HDFC ltd breaks 1350 and
touches 1250 and should be booked around 1200-1240 support zone.
Maruti
crosses 645 and does an expected move of 20 bucks by hitting a high of
669. Bajaj Auto has crosses 503-505 and is a buy for 525+.
Fresh stock views :
ABB
It
was discussed as a short pick some days back below 410 for a tgt of
380-350. The stock pulled back from 365 and tested the breakdown level.
Seems its headed down again short below 360-365 for a tgt of 345-330 in
short term.
Larsen and Toubro
Stock remains in a downtrend. Short below 605 for a tgt of 570-585 in short term.
Bajaj Auto
Auto
stocks have been seeing good buying support in the last few sessions.
Technically stock seems to be breaking out of a range buy around
503-505 with a stop of 490 for a tgt of 525+.
Market Observations and Thoughts :
Lot
many stocks are seeing promoters increasing the stake - but the
question is who is selling on the other side ?. Now there is an
unwritten norm in the market where in the promoter group holds an
unofficial stake which continues to remain always or gets placed when
needed. According to some market-men some of the promoters might be
just transferring the shares. Will the added stake be again placed at
higher levels to investors, funds, instituitions in better times or is
it the promoters are bailing out some stuck investors,funds or
re-buying stock placed at higher levels in bull market. In either case
insider buying is always positive :)
Best Regards,
Nooresh
09819225396
noorrock2002@gmail.com , meraninooresh@yahoo.com
http://nooreshtech.blogspot.com/
http://nooreshtech.blogspot.com/
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