Sensex Technical View :
16800-17200 is the area which has many fibo retracements , emas and trendline only on crossing 17300-17500 convincingly we could see an unexpected rally . In the current range of 16800 odd one could expect markets to be more volatlile compared to last few days. Lower side trendline support is placed at 16000 and till markets dont breach that level traders can look for stock specific moves.
review :
For quite some time in March it was written that indices would see stability and a good directional move after April 2nd week and we have seen a quick move only after that time 🙂 13th week frm Jan and other reasons stated for the same.
Check the charts given few days back where longs were to be initiated above 15950 --- https://nooreshtech.blogspot.com/2008/04/yet-another-small-triangle.html
https://nooreshtech.blogspot.com/2008/04/sensex-at-last-moves-out-of-range.html
Sensex made tops at 15950 for 2 days before breaking out ... Traders have got a good 900 point rally from those levels....
Stocks to watchout for :
In the last 2 weeks more then 10-15 stocks were posted as bottom bounces and apart from KEI , Dredging all the stocks have bounced 10-35% roughly and good traders would have optimized returns by churning the money from one stock to other. Stocks posted which may have not bounced have not fallen also so all in all good net gain in the rally till 16800. Still more may come in specific stocks and stoplosses can keep everyone insulated from any reaction.
quite a lot of small cap sugar stocks saw buying today as expected . technically and fundamentally the story seems to be turning around for these stocks and investors can do their research to pick specific sugar stocks. All the large cap sugar cos like bajaj hind , balchin , renuka may have moved 10+ % but still in medium term lot of scope left
Bottom bounce candidates for short term :
Hexaware tech , Todays Writing , Matrix Labs , Sun Tv ..... watch for increasing volumes to trigger buys.
Walchandnagar inds could see few upper ckts frm the bottom ... risk accumulate
Best Regards,
Nooresh
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