Sensex Technical View :
A undecisive session on the index . Sensex has almost filled the gap and 14150-14200 zone which is 38 % correction area which is the nearest level to watch in coming days. Below those levels the supports are at 13800/13500 . Only a close below 13400 would be a concern for short term. The current move is a reaction to the move from 12500 to 15100 and can correct to 38/50/61% after which there is a good possibility to see another up leg taking a shot at 15500-15800 zone.
The current scenario implies we could see a broad range and in which lot of particular stocks will perform so investors/traders need to be highly stock specific . For example some of the investment calls ( clients ) we had have overshooted our own tgts. LIC 230 to 310 ( 280 tgt ) , BOI 190 to 295 ( tgt 260 ) , Shriram epc 130 to 205 ( tgt 160 odd ) , Rohit ferro 117 to 143 ( holding on ) etc ... So need to be focussed on stocks then on the index!!!
Stocks to watchout for :
Sugar stocks seemed to have firmed up again and also the buying seems to be trickling down to the small cap ones too now . The favourite pick as before is Shree Renuka Sugars . In small caps Simbhaoli , Rajashree , Sakthi do deserve a look but will need patience . Triveni Engg is also shaping well on the charts . So traders can wait for momentum to take exposure and do ur homework for stock picking.Even Praj inds looks good which tends to move with sugars
Lupin stock to watch if closes above 750
Bag films , Core Projects , DCW , Wire and Wireless look good for short term if see follow up buying so momentum traders can keep the stock on their screens
Investors can look to check fundamentals of the following stocks which seems to have corrected to decent levels it seems. People who have views on the above can contribute.
TRIL , TRF , Raipur Alloys ...
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Best Regards,
Nooresh
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