Sensex Technical view :
15300 broken and below which supports are placed at 14700 which is near to prev low . 14100 is another important level on the long term basis which has been discussed in the previous posts. Also the possible channel frm 18300 and 17735 tops comes to around 14000 odd zones. Sensex will continue to be volatile with selling pressure on every rise . Traders have to be very careful or avoid as the time is for investors who dont go leveraged and have good cash levels to use in panics and are much more patient.
Strategy would remain the same to deploy cash at 14700 zone which was close today and keep part of the cash for opportunities in dips to 14100 odd or wait with the cash for a reversal sign. Investors who generated cash at 16800/17500 would definitely have much more patience now as volatility will be high and pressure would continue.
Stocks to watchout for :
IDFC looks good for medium term at current levels.
GVK power , GTL infra look good to in the mid caps for medium term .
HDFC has good support around 2000 odd levels , BHEL slide could subside near 1250 odd zone.Unitech 160-180 zone is a good support . Investors those who like the above stocks can accumulate near to the stated levels if they get it.
Many other stocks look interesting in the out of index category which i would prefer .
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Best Regards,
Nooresh
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