Sensex Technical View :
The daily moves on Sensex have become very tricky and boring without any clear direction seen. As being mentioned in the last few sessions is to wait for a clear move beyond 8300 or 9300 -9500 for further trades.
Strategy :
For traders its simple to take fresh aggressive positions only on a cross beyond 8300 or 9300-9500 . Till then the trades should be extreme short term or intra day.
Investors should wait for more clarity in coming months and the sluggishness would continue for next 3-5 months which will give excellent opportunities provided one is patient. Continue to look for selective opportunities and be ready with cash but deployment shud be slow and restructuring on every rise.
Stocks to watchout for :
LnT 680-700 , SBI 1025-1000 are crucial levels which would decide the next move on indices and are strict stops for investors who have bought now.
BPCL seems to have a move over done and shud see resistance near earlier top of 385.
LIC housing looks weak if sustains below 160 levels can test 130-145 also. Maruti below 465 would be a new 52 wk low and breakdown.
Market Observations and Thoughts :
The next 3-4 months would be a real test for investors/traders and would be the survival of fittest. As volatility would be very high for traders to cope with. Lot many stocks would remain much below fair value and in cases mkt cap could get below liquid cash assets of the . The choices would be many and one will need to be very selective. So be prepared !.
Best Regards,
Nooresh
09819225396
noorrock2002@gmail.com meraninooresh@yahoo.com
