Sensex is forming yet another small triangle with a very small range. 15450 on lower side and 15950 are levels to watchout for in next few days. Breaking and sustaining on either side could lead to a quick move to 14700 or 16500 depending on the confirmation of a breakout .
Earlier we had seen a triangle around 17500 -17200 breakdown where we had suggested to generate cash and wait for lower levels.
Currently as we are mainly on cash traders can look to create shorts if 15450 broken convincingly. On the other hand if 15950 crossed convincingly can look to go long in specific stocks for quick moves. Traders will have to be quick on changing with the trend .
Stocks to watchout for :
Alok Textiles , Arvind Mills , Jp Hydro and IDBI look good for a short term recovery from lows . Risky traders can go for bottom fishing for a limited 5-10% move in coming days in good sentiments.
HDIL looks weak below 625 .
Sun Pharma Advanced and ROhit ferro can move up another 8-15% in near term ... a high risk call ...
Best Regards,
Nooresh
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