Wait and Watch --- No conviction on either side!!
Sensex Technical View :
Sensex continues to be very volatile with no convincing moves on either side of 10700 -11400.
The
momentum trendline is where its taking the support for last few
sessions which if broken ( 10900 ) may open up to 10650-10700 break
possibilities. Similarly 11400 on upside opens up to 11900 levels.
Ideally one shoudl wait for 2-3 sessions or volume supported move to
confirm a breakout.
Wait and watch with a
long weekend ahead its better to stay away from positional trades and
investors should book partial profits in stocks bought at lower levels
to reduce acquisition cost.
Stocks to watchout for :
Lnt
did jump to 924 in the morning but could not hold and hit stop later.
ONGC close to 830. Others also dint move up. In the last few sessions
we did see lot of whipsaws where in stock did breakout but could not
sustain but close stops and low volumes strategy might have made it
less bad for traders. Even our trades KFA Mundra Lnt, nagar got stopped
out but stops were small around 3-5 % and partial booking done at
higher levels.
Currently we are seeing some
small range breakdowns in stocks but prefer to take no trades tomorrow
with the expiry and a long weekend. Strategy should be to conserve
gains made in the last 2 months.
Readers
do put in their comments/suggestions/criticisms on the blog or mail to
noorrock2002@gmail.com ...Investors who have asked me for starting new
services for small investors also mail us the suggestions about what u
want in the services.
Best Regards,
Nooresh
09819225396
|