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Nooresh
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Sensex does 9000, Infy,HDFCb,ICICI cracks.
Sensex Technical View :
Yesterday
it was mentioned Sensex may go towards 9000 and we have seen a low of
8994 which is close to the trendline and support. Failing to hold this
level would imply a test of 8750 which is the next support.
A
sustained move below 8500 would possibly lead to a quick move to
7700-8300 band. Continue to remain short and book out at 8750-9000 and
wait for a dead bounce to decide next move.
Stocks to watchout for :
Colgate
the only long choice on dips pullbacks ( defensive sector ) book on 10%
gains. LnT and Bharti still some more downside left trail if
short.Nifty 2700 pe discussed on chatbox ( client call too) moves from
28-30 to 50 booking advised.
Risky
option trade buy call option of 2900/2800 strike or Mini Nifties when
Sensex goes to 8750 and Nifty 2700 for a bounce back.
Infosys
The
stock broke below 1240 and 1190 support and is now headed towards 1140
from where it could see some sort of bounce. Booking advised around
1140-1160.
HDFC Bank and ICICI Bank
Both
the stocks which were on the short radar ( ICICI sell call around 410
for clients does tgt 380) . Similar patterns and similar returns. HDFC
Bank could see some bounce from 860-865 so booking advised around that
zone or trail the position. ICICI below 380 the next support is
355-362.
AXIS
Bank could be a risky buy around 378-384 with a stop of 375 for a
pullback of 15-20 bucks. below 375 it can break the October lows.
PSU banks
Finally
the PSU banks like BOI,BOB, OBC and PNB have started cracking under
pressure. It would be an interesting trade or investment closer to
October lows although they need to crack more for that. Long term
investors can keep a watch.
TCS
The stock has been in the range of 480-530. A break below 378 with volumes would give a short trade for a tgt of 455.
RNRL and Rcom below 43 and 155 may actually knock new lows also. Traders can avoid longs.
Glaxo Pharma
It
seems we have yet another defensive bet being played on. Buy on dips to
1160-1170 with a stop of 1135 for short term 10% bounce.
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