Channel support now at 16700-16800 zone…..

Sensex Technical View :
Sensex gets tired again at the 17300-17500 range and again it has to be seen whether it sustains above the channel . 16700-16800 is the lower side range of the channel which is the near term support to be seen as global cues turning negative . Till markets remain in the channel one can look for stock specific moves and only on sustaining 17300-17500 can we see a further upmove otherwise markets can continue to remain in this range.

Stocks to watchout for :

some of the client picks did good in last few days n even today in weak mkts. Ranbaxy 503 to 518 , Assam co 26 to 35-38 , Matrix 187 to 200-203 whereas IFCI hit 2 rs stop and matrix exitted part qty on trailing... While today Jkumar 115-116 to 122 , Videocon Inds 375 to 414 moved in the day itself ...

GSPL after hitting our stops due to mkt pull back has again bounced sharply ... Can take a risk again of 2-3 rs and buy above 73.50-74 for a 10 % move.

Maha Seamless looks set for a bounce can buy with 319 stop.

SBI 1580 , BHEL 1630 , ONGC 905 are crucial support levels for the index heavies....


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