Best Regards,
Nooresh
09819225396
noorrock2002@gmail.com , meraninooresh@yahoo.com
http://nooreshtech.blogspot.com/
http://nooreshtech.blogspot.com/
Budget .... Only price reduction is always in Stocks :)
Sensex Technical View :As has been the case with budgets the index generally drops on that day and the tradition was maintained.
Sensex
in the last one month has been boring with small ranges being made for
4-6 sessions but no convincing follow ups. Be it 8950-9450 or
9020-9450 and again 9450-9725. Every break gave a feeling that the
index may be able to find a trend which is with volumes.
As
was written few days back 9750 which is 61.8% retracement and
9900-10100 band a major resistance we have seen 9725 already. Todays
move has been a large price and volume action comaparatively. Next 3
sessions would decide whether the downmove ( after trendline breakdown
) gains strength to break 8500-8700 levels or subsides around 9000 and
makes yet another range :( .
Investors need to stick to cash and traders can look for short trades on rise with a stop placed at 9500 or above.
Stocks to watchout for :
Infosys,
Bharti and LnT are trading below short term supports and can expect
some more dip in coming days. The view in end of last week to stay
light and reduce the long trades ( lil early in RCOM Lanco which moved
well ) was a good decision as we saw a dip today.
ABB and Infosys view updated with chart in the post below.
Only
Sectors and stocks which remain strong technically right now is Sugars
and Power. So if one is playing for a pullback move near supports then
traders should watchout these stocks on 10-15 % dips.
HDFC Bank
Seems
a small double top formation and could be a short on rise to 925-935
with a stop of 950 could tgt 880. Even ICICI Bank looks similar.
Jai Prakash Associates could be a quick trade for 67-63 with a stop of 75.
Market Observations and Thoughts :
As
had discussed about every day we are seeing some unusual speculative
activity in small cap counters with a huge move in the day.
Hexaware
saw a 100% move from 20 to 40s and now back to 30s. Today we saw a move
in Mahindra Lifespaces 127 to 169 and then to 114-120. Delivery
percentage is generally 4-10% !!!
Traders should be careful and avoid dabbling into such moves unless they are very quick and lucky !!
PEOPLE INTERESTED IN JOINING THE TECHNICAL ANALYSIS SESSIONS can mail to noorrock2002@gmail.com or call 09819225396.
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