Curtailed week.... Relax and Enjoy!!
Sensex Technical View :
In
the last many updates the view has been clear that its a breakdown from
a triangle which gives us a minimum target zone of 7700-8300 and much
lower. Sensex has touched a low of 8050. Check triangle videos link on
sidebar.
We
can expect some pullback from closer to the blue channel shown which
comes to 7750-7900. Any uomoves would face resistance at the breakdown
line shown in orange. Resistances are 8500/8630 in short term.
In
a time analysis observation we have seen that Sensex has fallen for
almost 50 sessions roughly in a downtrend. This was put up on the site
after the October lows and the view was we may see a couple of stable
months and a good pullback to 10700 or more which we did.
On
the same basis we considered 10470 to be a top and we might well be
into the next sell-off like october and could last for 50 sessions till
March end.
Currently
Sensex has almost completed 39-40 sessions since then so this gives us
a possible bottom formation to come in next 10-12 sessions which would
mean 23-27 March week being the period till which the downleg could
last.
Now
this is just an observation and may not be entirely accurate but it has
been till now so can continue to follow this as a guide.
In
the time analysis observation it is about trading sessions -- means to
exclude holidays ( sat-sun and others ) . ( some people may have a time
period to 2nd week of March if this is not taken into account)
Stocks to watchout for:
In
previous posts had alerted about banking stocks -- namely Axis ( 375 )
, ICICI ( 410 ) and HDFC ( 900 ) , SBI ( 980 ) had made weak
technical patterns and we got good shorting opportunity and a good exit
alert also.Still the weakness remains technically but Axis seems an
accumulate in pyramid manner.
BHEl
holds above 1280 on close , Bharti reverses from 570 ( doesnt break),
NTPC holds up,Reliance pulls back from 1120 support. Need to see
whether they can hold up these supports or not in coming week and how
much is pullback. Continue to wait as a curtailed week.
Finally
FMCG stocks like HUL,ITC ,Colgate and Nestle have started losing some
weight and dropped in the last week. Wait and watch to where they form
a base.
No fresh trading calls for Monday as we have 2 days break so everyone should take a day off and enjoy Holi :)
Regards,
Nooresh
09819225396
noorrock2002@gmail.com
|
|
