Sensex Technical View :
The technical condition of Sensex remains the same-- 9300-9500 on upside and 8300-8500 on downside. Till we dont see 2-3 sessions sustain above or below those levels the markets would remain rangebound. Read previous posts for more technical details. Although govts , rbi and bodies all over will take action but the technical stimulus could happen only on above levels.
World over all the markets are rangebound and waitin for direction. Will put up technical charts for the same in the week.
Yet again posting stock specific levels --
SBI is testing 1000 levels a lot. It needs to move out above 1150-1200 zone as quickly as possible coz a break below 980 leads to supports way deep at 850-700.
RIL testing 1020-1050 zone. Needs to move above 1180-1200 quickly and make a move to 1400. on the downside 930 recent low is imp and next 800-850.
LT is stayin very near to oct low of 680. Next support is 600-620 on channel below that 500-450. Needs a sharp move above 780 to 900.
ICICI very close to 280-300 lower support zone. Needs a strong move above 350-360 towards 450.
Infosys 1100 is a crucial level for now. 1250 on upside needs to be broken to move to 1450 zones. Below 1100 the next zone is 950.
ONGC 615 is a level to watch on support and 700-720 on upside to be broken and go to 800. Below 615 next level is oct low of 540.
In simple terms all the heavies or at least some of the heavies need to lead a bounce back and break recent resistances as soon as possible over next 2-3 weeks otherwise the technical structure would keep weakening and a breakdown could lead to a quicker fall.
Also there are still no clear signals on a breakout on either side so its a CLoSE WATCH in next few weeks. But once the levels break on either side the move can be strong and one should follow the trend with a trailing stop and not try to go towards a contra-strategy as move could be very sharp !!
So lets wait and watch for the reactions in the week.
Best Regards,
Nooresh
09819225396
noorrock2002@gmail.com meraninooresh@yahoo.com
