Sensex Technical View:
The pullback from 9200-9000 band continues with Sensex inching closer to 9800 zone. The upside resistance comes aroud 10050 -10400 zones. Only a move beyond 10400 could lead to an extension of the rally. The strategy remains to trade selectively between 8900 -10400.
Stocks to watchout for :
Balrampur Chini :
A flag pattern is observed on the charts. 2-3 Sessions close above 48 will give a move to 55-60 levels in short term Stop placed around 45. Even Bajaj Hind , Renuka Sugars look good for some moves technically.
Buy on sustaining above 75 for a tgt of 80-84 in short term. Stop placed below 72-71.
The stock has been in the range of 135 to 120 for the last few weeks. Above 135 can give a move to 144-150 in extreme short term. Quick traders can keep a watch.
High risk picks which can surprise in short term if they see moves with volumes. Traders can keep it on their tickers. Buy if sustains 3-5 % above cmp with good volumes.
Triveni Engg , Suzlon , Sintex Inds , Central Bank.
Satyam had clearly presented the view when the stock started correcting below 140 and gave opportunities till 115. Also the range to buy in pyramid way was to 140-110. Pyramiding implies going say 50-100-200 and so on in falls to build a position. The strategy to book profits would similarly be in pyramid method of 50-100-200 and so on to reduce risks and conserve gains.
Stock has moved frm 120 to 160 which is a minimum returns of 15-30 %. Advise is to book 30-50 % of holding and trail rest.
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Sensex Technical View: