Banks Bounce !! as expected . Titan Inds headed to 3800

Sensex Technical View:

The view remains as before.

Sensex continues to hold on to the 200 dema at 18800 by making a couple of bottoms there in near term.The 200 dema is placed at 18800.

But we need to see a sustaining move above 19150-19200 and followed by that a move above 19600 to get back into the strong uptrend in short term.

On the downside the supports are as follows.

- > Previous breakout took placed at 18500 and 5550.

- > Long Term Parallel channel is closer to 18000 levels

- >Previous Major Bottom at 17800.

Continue to wait and watch – Focus on stock specific opportunities as Index may get into a consolidation in that case there would be certain big movers and certain laggards.

Bank Nifty :
As was suggested last week Banks would lead the bounce backs. All the mid and large banks have given sharp trading opportunities.

Stocks to watchout for :

DLF, HDIL and other real estate stocks if able to hold on to the lows made in last week could see a sharp upmove after RBI meet as uncertainty would be over.

TITAN INDS :

Titan seems to be setting up for a breakout move to 3800. Traders can watchout for short term longs.