Sensex Technical View :
The view remains the same ...
Sensex is inching towards the upper end of the flag . It needs to be seen whether it can close above 9300-9500 and give a fresh breakout which could tgt 9900/10500 or more ( channel line imp) . So wait and watch is the view for a move either beyond 8300 or 9300-9500. Till then the trades should be extreme short term.
Stocks to watchout for :
SBI
The stock is available closer to the July/Oct lows. Ideally should give a bounce in coming sessions. Stop would be placed around 1025-1040 for a tgt of 1200 -1250 in short term. Strong supports around 980-1000 below which a strong breakdown is possible which can give short opportunities.
Larsen n Toubro
Available closer to Oct lows . Strong support around 680-700 buy on dips with a stop of 695 for tgt of 780 above that more momentum. below 680 would be a strong downmove to trade.
MTNL above 76 , ITC above 178 ,IDEA above 49 could go 5-8 % pops to trade.
Market Observations and Thoughts :
Its become common to see very weird moves on expiry days in lot of new fno stocks.
Educomp , gtl infra saw huge discounts in Dec series but continued to move up in the cash segment on NSE and different high or avg prices in bse, nse , nov fut , dec fut.!.... These were the only 2 i noticed there might have been many such moves.
Statistically Indian indices are lagging behind the asian , american indices coz of the curtailed week and bomb blasts impact. All the other indices moved up smartly in last 3-5 sessions. Is there a small upmove pending in Sensex , Nifty in this week is to be seen as pressure would remain.
Some weeks back had discussed on insider trades / disclosures list continues to become longer and still is. LIC has increased stakes in PSU Banks. Gitanjali being bought by promoters. AM naik increases stake in LT. NBventures, patel engg , man inds etc promoter buying... One can keep checking these deals over the next 3 months as i believe these are good indicators !!... Will update a consolidation soon if possible...
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Best Regards,
Nooresh
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