Sensex Technical View :
The sharp upmove today was surprising but the important part is 10700 holding up. This eases out the technical situation of buying on the flag breakout above 11300 or below 10650 to go short.
As the range is around 600 points we could consider a possibility of a move of similar magnitude on breakout.
Also the best strategy now would be to stay nimble footed and be ready to react on convincing moves. As i have said in last few months its better to react then to predict but human nature is frail ( even i speculated the possibility of 10700 break yest and we got stopped out in 3200 puts ).
Stock specific moves will continue to be more prominent then the index moves.
Stocks to watchout for :
Grasim , Balrampur Chini , gateway distriparks,TRIL chart posted in the post below this one.
Max India recommended as a long term bet at 105 has moved to 130-135 levels. Continue to remain invested. Technically if crosses 140 may see more momentum. Partial booking can be done at 135 to reduce acquisition cost and create patience for long term.
The stock has given a small breakout on daily charts. Traders can look to buy around 380 zones with a stop of 364 tgt 405-430 in short term.
Even Mundra Port looks good for short term and may see more momentum above 410 buy with a stop of 378.
Investors with a medium term view can look to study HEG ,Rain Commodities, Subhash projects which are seeing good volumes. Readers having more fundamental info mail me firstname.lastname@example.org
JUST a little unusual observation---
The public awareness due to media channels has been high to unusual happenings like short squeezes or major drops.
Satyam surprised the markets with a scam followed by that we saw an opposite in Akruti with a huge short squeeze.
A misbalance of positions does lead to short squeeze and its a common market phenemenon --- https://www.reuters.com/article/ousiv/idUSTRE49R3I920081028
Volkswagen also saw a 100% jump almost !
But there is one thing which may not happen elsewhere 😛 ... After a problem company trying to change its name by a single letter addition. Is it numerology to change fate ! ... No idea
But Akruti City wants to be now ACKRUTI CITY LTD
TECHNICAL ANALYSIS TRAINING SESSIONS planned for Bangalore , Hyderabad, Mumbai in next few months. Conducted for a small group of 6-10 people. Interested people mail to email@example.com so we can schedule for the cities accordingly.
May 9-10 tentatively scheduled for Mumbai.
firstname.lastname@example.org , email@example.com