Sensex Technical View :
As being mentioned in previous days that buying be done only on dips and same is maintained. The supports on lower side are in the zone of 17200 . Rallies should face resistance at 18800-19000. As before jumps , dips and consolidation will continue for some more days . Testing 17k levels neeeded to form a good bottom base . 16500 remains the level which should be seen on weekly or monthly basis. Sustaining the level for 2-4 weeks would confirm the bottoming out .
FED cuts rate by 50 bps which is a huge positive and should lift up the sentiments. Dow is up 150 odd points up when i m writing this. So positive moves expected on the sensex tomorrow.
The best way to go for investors is select fundamentally good stocks and go slow in buying them by adding small quantities on dips with a longer term view. The stocks may give returns in the short term but dont go leveraged as part of discipline.
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MUMBAI SESSION FEB 9-10.
Best Regards,Nooresh 09819225396