Technical view by Nooresh

17500 done……….Can it go beyond ….

Sensex Technical View :
Sensex gave a good move as expected and did 17480 close to our tgt of 17500. The current upmove can be termed as a retracement from 18900 to 14700 zone. Such a retracement should face resistance at the 61.8% zone of 17300-17500 and on a larger scale should go to 18200-18300 levels.

Technically retracement till 18200-18300 would mean a corrective upmove and going beyond 18300 would imply a clear change of trend to bullish moves for medium term. Investors those who have bought at lower levels should look to reduce in the range from 17500 to 18300 in parts. Traders can look to trade with strict stoplosses in specific stocks as lot of stocks still have good run ups left.

Strategy : Technically indices still seem to be in the bullish zone and a dip support would be 16900 which is the important level for short term traders. Higher side in momentum markets can go till 17500 and 18200-18300 levels. Traders should go stock specific as indices may be slow but certain stocks may take a quick upmove.

Check the earlier post with world charts and Sensex charts ...... Dow Jones 13000, Sensex 17500 , Hang Seng 26000 all moving up slowly ...lets c can they continue in the breakout move to higher tgts.

Stocks to watchout for :
Century textiles does a quick run from 836 to 915, Punj lloyd does 380 and settles down, Tea stocks not able to break out above levels can buy slowly on dips.

Oil stocks like HPCL , BPCL and IOC are the only index stocks which have not pulled back from lowers and with a slight increase in volumes it seems we could see a pullback rally .... Traders can keep watch for momentum and dont rush in early ...

IDFC and ITC look good for a weekly trade ... Buy on intra dips with stop of 173 and 215

GMR infra buy above 165 with a stop of 159 -160 for a tgt of 179 + in short term ..

GTL infra has triggered a technical breakout and can be bought for a short term tgt of 56-64.

Mudra Life above 50.5 and Fortis above 89-90 could mean a quick upmove....Traders can keep a watch on it ....Fundamentally sound stocks which are way below IPO price...

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Article by Nooresh Merani

Nooresh has written 2531 articles.

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