Bounce resistance at 8500/8630
Nothing much has changed so just pasting the views of monday.
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:
Many
banking stocks have continued to correct and as of now Axis Bank and
BOI seem to be a good candidate for pyramiding strategy with downsides
to 225 and 140 .
Cipla if stays above 207 can give another 10 bucks tgt of 215-217.
HUL seems oversold with a good crack can expect a bounce from 205-215 zone to 230 + in short term.
Aban Offshore and Rolta may see some dead bounces possibly ?? . Difficult to trade though
Renuka has given a weak breakdown below 76. Short on rise with a stop of 79 can dip to 72-69.
Have posted a few presentations and reports on different topics in the last couple of weeks.
Listing down the reports and their description
Regards,
Nooresh
09819225396
noorrock2002@gmail.com
For queries and more readers can add me on Yahoo Messenger ID will be in online mode when possible to chat-- nooreshtech
http://nooreshtech.blogspot.com/
http://nooreshtech.blogspot.com/
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