Sensex Technical View :
Gap Downs or Ups being filled in the day itself describes the last few sessions. Sensex the range for extreme short term 12800 and 13800 . A move above 13800 should tgt 14500 levels in quick time. In range bound markets its better to be stock specific.
Crude :
As written few days back 146 is a level where we could see selling . Reason lot of trendlines in long run and short term came around those levels. Below 138 if closes for some sessions we could see a major correction ( same was smsed on gupshup when crude was quoting 139,50-140 and on the side box , just happened to check crude closely today) .
Most important support lies around 134 if breaks it can head to 124/116 /109 which are possible retracements. Will post detailed chart tom as i dont have a long term data on my sw.
Stocks to watchout for:
Private Banks look good for a bounce back and is a trading call
Kotak Mahindra Bank buy above 500 stop of 485 tgt 526-580
Axis Bank above 625 stop of 614 tgt og 655 /675
AllahaBad bank , BOB and Vijaya Bank could be slow bounce back candidates.
NTPC looks good for short term tgt of 168-175 and ( disclosure already recommended to clients at 159 yest also bombay dyeing for btst )
Bottom Fishing call :
Prajay Engg ... One of the decent south based construction co seems to have over corrected and can be bought on every dip frm 65 to 50 with a 6 mths view. its a high risk bet . Investors can do their own research.
Astra Micro . yet another stock available at 15-20 % of life peak and with Reliance long term equity fund taking stake looks an interesting for medium term at current levels of 47 .
TECHNICAL ANALYSIS SESSION MUMBAI
JULY 26-27
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