Sensex Technical View :
Ever since June 10th its been stated again and again about a possibility of a correction from 15500 and here we are close to 14k in no time.
On the upside 14630/14930 would be a good resistance for now.
Momentum trendline is now around 13900 and gap support 13500.
Continue to trade for extreme short term and be quick as moves would be choppy. Check the 5 min Nifty chart posted below
Stocks to watchout for :
IDBI
The stock has seen huge volumes in the last 1 month and is showing lot of strength. The stock if crosses 112-114 could even head up to 130.Keep a stop of 106 on triggering of trade.There is a lot of market buzz on the stock so will be volatile.
Tata Communication
The stock has seen multiple bottoms around 460 and good channel support around 450. The stock can give a bounce from here. Take your own call.
GLENMARK
The stock can be looked with a long term view by taking 15-25% exposure at current levels and then pyramid the position.Downside could be 135/160. So accordingly spread your buying. For a guide check LnT example.
Trading positions of late are only for the day and depending on market conditions so not mentioning any trades for now.
WEBINAR on Why to use Technical Analysis and a brief view of Sensex and other indices.
Sunday 21 June
Time 12 pm to 1 pm.
Register on www.wiziq.com
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Headphone/Mike alongwith a broadband connection.
This is the first time i am trying this mode of communication so lets c how it goes.
TECHNICAL ANALYSIS SESSION DELHI
JULY 4-5
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Best Regards,
Nooresh
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