Sensex Technical View :
Yet another dull session on the indice. seems this would continue for few more sessions. It has to be seen how markets behave around the lower levels of 16900-17100. If the index breaks those levels we can term 17735 to be the intermediate top of the corrective rally and in that case retracements could be 16500 and 15800. Other wise the current dip could be termed profit booking and the corrective upmove should try targetting 18200 odd levels. Investors and traders who have generated cash and booked profits in the last 2-3 sessions as suggested can now look to fresh stocks which may have not moved in the corrective or wait with the cash . Traders who still want to trade in dull sessions should reduce volumes.
Stocks to watchout for :
Tata Steel gave a breakout above 825 moved till 838 and coz of the announcement took a beating ... Would prefer to avoid..
GSPL has given a breakout and those who have bought arnd 71-71.5 brkout can keep a stop at 68-69 which is 5% risk.
Reliance Inds needs to sustain above 2705 to support any index move.
BPCL below 378 and HPCL below 240 look set for a sell off .... Traders can keep a watch ...
Sugars seems to have seen good buying on the current dips... I continue to remain bullish for medium term on sugars... All the sugar stocks were recommended at much lower levels and the view remains to hold... Shree renuka as always the fav moving faster ...
Webel Solar looks good for investment on dips.... Has corrected a lot.. can bounce in short term too..
TECHNICAL ANALYSIS SESSION :
The technical analysis session we conduct is for people who are interested in understanding the process of analyzing technicals in a simple , quick and efficient manner and would like to get independent in analyzing and deciding for themselves throughout in the future.
MUMBAI and AHMEDABAD are the cities where sessions are planned for 3rd and 4th weekend of MAY .
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Nooresh
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