Sensex Technical View:
Sensex is facing lot of resistance at 15500-15600 levels which is the previous top of August with 2-3 failed attempts to cross it. Recent bottoms around 15100/14600 are supports to watch for and the momentum trendline shown in previous chart get into reckoning below 14600.
The risk-reward in the short run is not great for long trades as the move has over run in short term whereas few confirmatory moves below the supports would shift it to short trades. So it can get boring in the short term and investors should now look to shift to defensive bets.
Advance/Decline ratios and a view of broader market doesnt give great indications.
Defensive stocks to buy on declines
ITC
Dabur
Cipla
Cadilla.
Its not necessary to trade everyday !!
Reduce trading volumes as there is a good possibility of choppy and volatile markets with no great direction so would prefer to take fewer trades !!
Not much updates as little busy with new advisory plans.
Best Regards,
Nooresh
09819225396
