Sensex seems to have made a good bottom ...We need a confirmation if it is sustained for some more days or rather say weeks...
The bottom on o5 th march is 55 trading days from the bottom of 12800 on 13 dec ....Another fibo count ...We would confirm that bottom to be very significant one for a long time if we sustain above 13300-13500 in coming weeks ....
We had written about the Sensex topping out in the month of feb and especially second week of feb coz it was the 34 th month and 144th week from the may 2004 bottom .... This is called fibo magic ....
We had said markets will bounce from 12500 areas and if the world waits for 12500 then they will take it a little lower and that was what was done,.....
Current View :
The sensex has given a good bounce but its still not the time to jump ...Trading should be for extreme short term ...Investors no problems keep adding on declines ....
Markets face strong resistance at 13300-13500 ...So keep a check and always trade with strict stoplosses. Avoid buying around those levels but i wont recommend shorting also unless you are a sharp and quick day trader....
Stocks to watch :
Bajaj Auto and GTL can bounce 3-5 % keep a watch ...
IDBI and IDFC add at every declines as value picks....
Wockhardt is strong and if sustains 380-385 levels for coming days then expect one side movement ...
Camphor and Allied has moved well ....Srf bottom fishing goin on....
Regards,
Nooresh
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