Sensex Technical View :
Pullback from 15100 zone today has been as expected coz after a good 20 % bounce from lows. As was suggested that the resistances are lined up around 15100/15800 which are 50/61 % fibo retracements and 15400-15500 trendline . For the Nifty the 50 /61% are placed at 4550/4730 odd levels. The current pullback from 15100 should see support around 14200/14570 which is the gap zone . If we consider 15130 to be a short term top then the upmove should see a pull down to 14200/13800/13500 the 38/50/61% retracements.
So a level to closely watch in next few sessions is 14200 and markets could remain rangebound so investors/traders need to be stock specific.
As suggested investors who bought at lower levels and booked at 15100 levels can now again wait with the cash generated for stock specific opportunities as lot of stocks are currently interesting and full of value and will remain for some time. So investors should continue to find value picks and be patient as many of them may bounce quickly and some may take time .
Stocks to watchout for :
Of the 3 stocks suggested for trading Alok dint work out , GMR infra bounced well and Nagarjuna was up 10-15 % .
Sasken Communication looks good if able to cross 156 -157 and sustain would tgt 170-185 in short term.
Mundra port if sustains above 610 could target 640-660 zome .
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