Sensex Technical View :
Finally Sensex pulls down heavily after the non stop run. The low for the day is 14604 and is very close to the support level which has been holding up for a few sessions. Although testing a support often opens up a possibility of breaking quickly.
So ideally one needs to wait for 2-3 sessions to confirm a trend change. If Sensex continues to close below 14600 one can expect 14100/13500 levels also.
Would review the medium term outlook and trends once we see confirmatory moves over next 6-8 sessions.
Majority of the short term trades on stock specific sides hit their stoplosses/trailing stoplosses on friday and rest today. Short term traders should clean up the portfolio on rise and look for fresh trades with a fresh view and not re-enter stocks which hit stoplosses.
As a trader after a huge line of successful trades there would be a couple of stoploss hits and one needs to be strict with them as a fresh set of trades may recover small losses but big holes in the portfolio can become blackholes which keep sucking capital.
Above all in last 3 months we have had a lot of great trades so a couple of bad ones are needed to average out .... Also read SUNDAY THOUGHTS posted below
Stocks to watchout for :
ITC remains a buy arnd 180-185 zone and can keep a little lower stop of 177 for short term bounce back.
ING Vysya wait for dips.GAil not triggered yet.Essar Oil stop triggered at 175 🙁 a bad trade.
Uflex Inds has seen a good drop from highs after an intra move previous day frm 94 to 104 is back to 82 hitting trading stop of 88. Investors can look to add at 74 or lower only with a long term view. Can employ pyramiding strategy.
Small cap stocks like Classic Diamonds, Saksoft i do maintain bullish way but exposures should be low as the price volatility would be high.
Venus Remedies can look to re-enter at 200-205 if booked at 250 +.
NESTLE looks good on charts buy small qty at 1770-1800 with a stop of 1700 ( deep stop so small qty ) for a short term move of 15-20% in 3-4 weeks.
TECHNICAL ANALYSIS SESSION
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