Sensex Technical View :
Sensex pulled back 500 points from the support zone near to 16500 by making a low of 16546 but ended up losing out half of it in quick time… that is one of the reason its always preferred to be buying for reliable rallies and not bounce backs. Technically the dip from 17735 has been quicker then the run up from 15950 . Such a quick down leg implies more of bearish strength and possibility of the channel being broken below 16500 testing the retracements at 15800 and only a quick upmove above 17300 would negate a bearish scenario.
As was mentioned continously to generate cash at 17500 levels and those who have not to use bounce back to exit and reduce positions… One can always re enter at higher levels above 17300 in comfort or at good value levels on dips.
stocks to watchout for :
Assam company does 31.8 giving good chance to book half profits, RCOM , ranbaxy not able to sustain at higher levels can exit on bounce, Confi petro and Todays writing speculative picks only for high high risk players… The charts posted did see intra pullbacks but as usual bouncebacks r dicy…
ONGC below 980 , Reliance below 2470 can trigger a bit more of dip …
Better to wait out and watch the moves …
TECHNICAL ANALYSIS SESSION
MUMBAI MAY 31-June 1
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