Warned to avoid Banks !!! Selling calls since last 3 weeks on them.
Sensex Technical View:
The technical view remains the same as yesterday as we are still in the same move. If
it continues to stay below 8500 for few sessions it could well head to
7700 zone also. Although Sensex has been dipping in the last 3-4
sessions and may soon get into oversold category but that doesnot imply
buying.
After
the breakdown from triangle Sensex might now be in a downchannel as
shown yesterday in chart. The channel line comes to around 7800-7900
from where we can see some breather in the drop. So one can cover
shorts on dips to 7900 odd and wait.
On
the long term the supports are placed at 7200-6800 ( i prefer this
level more) zone if we break recent lows and 6150-6500 would be a worst
- worst case scenario in the next few months. This could be the last
wave of selling ideally around the 13-14 mth based on time analysis. So
its the time-wise pain more then the price-wise.
I
had mentioned about this breakdown from a possible triangle and warned
around 3 weeks back with the triangle videos hope investors were
benefitted.
Check the you tube videos here or on right sidebar links.
Stocks to watchout for :
In
the yesterdays post clearly mentioned to avoid any buying in banks
inspite of RBI cuts.BOI n BOB as expected dint sustain.Even others made
new 52 week lows. Technical Analysis at work !!
Bhel breaks down to touch 1280 --. Gave a good short trade by opening around 1340-1350.
Reliance
Inds should find support around 1120-1070 range. So wait for a clear
trend below 1070 to short or buy around 1105-1095 with a stop of 1070
for an intraday spurt of 20-30 bucks. Take a trade if u wish too :) or
just watch.
Renuka Sugars may give a dip if stays below 75-76. Risky traders can short below 76 with a stop of 79 for a tgt of 72-69.
Long
term investors can look towards Axis Bank as an investment with a
similar pattern as LnT by pyramiding the exposure. Starting at 315 and
lower till 225. Check LNT Report on right sidebar for the strategy.
Will post calculations for Axis by weekend.
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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