Pre-Election Rally --- World over 15-20% !!
Sensex Technical View :
The view still remains the same as given in the detailed analysis last week
On
the short term we are making doji candles in the upmove which may imply
some breather or a possible reversal/retracement signal in the short
term trend. Simple technicals suggests the low of the last two sessions
if taken of then we may possibly see a retracement ( fibo levels once
we see confirmation ).
So
9910/9740 become the important lower levels which a short term trader
should look for as supports or stops. On the upside the band of
10200-10500 becomes very important.
Stocks to watchout for :
ABB,BHEL,Siemens, RIL have done the faster part of the upmove book profits.Praj and GNFC inch up Orbit stagnant.
IDEA has broken out now stop 48/49.LnT almost comes close to 700.
JSW Steel and Punj Lloyd up 10-15% in the day !
Little illiquid counters which look good on the charts . Stop of 3-4% tgt 10% .
BEML above 390 , HCl tech above 107 , Bharat Forget above 98 ,Torrent Power 98 may give surprise upmoves in short term.
ACC
and Guj Ambuja the only few stocks which are above 200 dema and now
seem a breakout but not much increase in volumes . If moves out with
big volumes then look for short term moves.
SCI
and GE Shipping both the shipping stocks look good for a sharp upmove.
Speculative traders can buy on dips or momentum with a stop of 74.5
/174. Also baltic index impact/economic signs etc may help.
Ibreal
Estate /HDIL /RCAP ( above 385 ) could be the speculative counters
short term positional traders can look towards if markets remain stable
for next 2-3 weeks.
Market Observations and Thoughts :
As
usual in the weekend had some conversations with people related to
stock markets and the amount of confusion remains to be high with a
section who says new bull run other says a false move other says much
bigger fall to come and the no of such sections keep increasing by the
day.
A
few weeks back the consensus was clearly towards a new low !! Even i
was looking at a minimum of 8300 ( video posted ) and 7900-7700
possibly. But as always markets are bound to surprise the market
participants !!! All of a sudden the blame game begins and now everyone
is talking of this to be a pre-election rally !! and i still dont see
much of electoral updates in the newspapers.
Being a technical analyst the bias is always towards data so i just checked on to the global indices folder.
Italy,Argentina
or be it Brazil , Russia ,India,Hong Kong , Japan or USA and European
indices of UK,Germany,France have all moved up around 15-25% from the
lows around March5-10. Some have hit new lows some dint but the move is
clear in all the indices.
So the surge has been all over the world irrespective of elections or Geithner report in USA or any other reason !!
There are two types of expert or comical views now.
WE FIXED IT --- RALLY ( bullish view )
(
BULLS say the recession is over or the worst part of recession will
get over sooner then expected the opposing party Bears says its an
illusion created to fool the ever alive bulls !! )
WE SCREWED THEM --- RALLY
(
The BEARS say this is the last illusive bear rally to trap the hurted
bulls to be killed in the last and final onslaught. The Bulls say the
contradictory upmove instead of a big fall we have trapped the sleepy
bears ! and every bull run starts with a Bear rally)
PLANNING A SESSION FOR BANGLORE INTEREStED PEOPLE MAIL TO noorrock2002@gmail.com.
For details and queries call up after market hours.
Best Regards,
Nooresh
09819225396
http://nooreshtech.blogspot.com/
http://nooreshtech.blogspot.com/
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