Sensex Technical View :
HEAD N SHOULDERS pattern posted below alongwith chart.
Sensex 14500-14900 band which is a very strong resistance. So we need to see whether the index can stay above it or not ! .... If taken shorts in the range of 14200-14500 keep a strict stop of 14600 as part of discipline.
Dow Jones with a strong move has yet again come to its resistance of 8600 odd ! ... So all global indices are similarly poised. Do they have more strength ?? will need to see for another 3-4 sessions.
Stocks to watchout for :
TCS moves higher. Elecon up 20% n more frm a week back. GTL infra hold.
ITC can be added as a defensive pick.
Many stocks look set for a positive breakout but with index at crucial stage trade for the day with close stoploss . Also many of these stocks gave sharp breakdowns 2-3 days back and have pulled back sharply so its going to be tricky so keep strict stops.
The stock has multiple tops around 812. Buy above 814 with a 15 rs stop tgt 840.
Multiple tops seen around 1450-1470. Watch if crosses 1470 with volumes. Difficult stock to trade.
Hero Honda and Maruti are shaping positively for further highs if the stock stays above 1500 and 1125. The move could be another 5-8%
TECHNICAL ANALYSIS SESSION MUMBAI
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