Sensex Technical View :
Sensex continues the pullback with a 600 + point move and is now close to the 14k mark. As being written pullback should face resistance at 14300-14500 zone which can be seen in coming days where one should book profits at least partially or trail. Although indices may have bounced only 1000 odd points lots of stocks have jumped up 20-40 % giving a good investment or trading gains which should be booked as part of discipline. Traders should keep strict stoplosses as Sensex reaches the 14300-14500 zone and keep trailing for holdings. Investors can wait for dips or a good close above 14700 .
Technically we have seen a short term bottom at 12822 which was very close to the zone of 12500-12800 we were looking at. All those who have bought investment picks as suggested at 14700/14100/13500/12800 in a staggered manner would have seen many stocks would be above the earlier 14k buy level and part booking or half booking be done if u r getting 20 % + returns as part of discipline. Important level to watch for a quick move would be close above 14700 .
Crude is hovering around 136-138 zone and support is arnd 134 if sustains below we could see 130-124 levels also . This is a technical call and only a break below can create more selling although trend has turned weak now with resistance at 140 odd levels .
Stocks to watchout for :
There were few investment calls we had for clients in the last few days . Some might have been discussed here also . All have given a good 20-35 % in extreme short term although were investment bets.
IFCI - 31 to 42 ........ ( part holding )
IDFC - 102 to 116 ( hold )
BOI - 190 to 250 ( booked fully )
Praj - 154 to 190 ( part holding )
Mundra Port - 460 to 550 ( part booked ) ( call given yesterday and 20 % freeze today investment bet though for tgt 600 )
Trading calls given yesterday on the blog - Kotak and Axis Bank did 1st tgts . others discussed for bounce backs rcap , jsw and bombay dyeing do their bounce . NTPC and Bombay Dyeing client trading calls does tgt 1 . prajay engg and astra micro do ur own research before taking expsoures as r bottom picks .
Bottom Bounces for over corrected stocks :
Ispat Inds , MRPL , TTML and MTNL are stocks which could see a 5-15 % pullback as no decent bounce seen in them .
TECHNICAL ANALYSIS SESSION MUMBAI
JULY 26-27
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Best Regards,
Nooresh
09819225396
