Channel broken .. 16450-16500 imp on weekly closing.

Sensex Technical View :
The channel which was being followed for so many weeks has been violated and the markets seem to be in a dilemma of sorts as lot of out of index stocks look good for an upmove but indices dont seem to be supporting it. The level of 16800 which was important has been broken and next major zone for bulls is 16450-16550 which is last hope below which it can get weird !!! .... Traders whose stoplosses have been hit need not re enter those stocks and wait out for some time as a gap down wont give shorting opportunities either.

Technically its getting difficult with index breaking the supports as lot of stocks which were shaping up for a good move have taken a quick U turn and hitting trailing stops ( this helps us to keep small profits or miniscule losses on the downturn ) ... .....So its dilemma whether to go for a good move despite of Index weakness..... Solution go with lower volumes or ( when in doubt get out ) and we are only looking for trading picks so stops are small allocations r less !!!!

Earlier in all previous posts it was stated Investors to reduce at 17500 + levels and yet again at 17300-17500 ... Traders were to trade stock specific with strict stops and all trading longs stops got hit on Friday .....
Well Sensex dint cross 17500 so the possibility of 18300 weakened and that was a reason we dint have investment picks on the blog.... Lets c what opportunities come in next 2 volatile and crucial weeks 🙂

Stocks to watchout for :

Realty stocks which we were looking for a bounce back are trading close to supports so if ppl have picked up keep stops near to supports stated if closes below exit on small stops.Ispat and IFCI have hit trailing stops and exit initiated. GMR infra can go up till 130 or below too ..

SBI is trading below 1580 ( Jan low ) , ABB ( below jan lows ) ,
BHEL below 1690 would be weak , ICICI gone below 860 support , Lnt below 2750 weak

All the heavies are trading close to crucial supports and below which can see some more selling so have to see whether there is any momentum or not...... Not seeing momentum as before in the falls so will wait for shorting if momentum comes other wise wait and WATCH !!.......
Next 2 weeks would be very volatile and traders should be alert as still there is not great clarity !


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