Channel Supportning !!! Can it push it up ???
Sensex Technical View :
Yet again the market dips near to the channel and bounces back . The pullbacks seem to be caused by certain heavies and would need a momentum move above 17300 range to confirm the possibility of crossing 17735 and going towards 18300 . The strategy should be to watch 17300 and 16500 only on a breakout above either zones with a good momentum should trigger trades till then wait and watch and if u do trade let it be on lower volumes to control risks as stops would be hit on either side.
Stocks to watchout for :
Tea Stocks are sustaining at higher levels . Harr malayalam resistance at 93-95 and Mcleod russel 104-107 and supports at 84 and 94 . Only a close above will lead to quicker moves so keep watch ...
IFCI seems to be seeing a good speculative build up . High risk traders can buy with a stop of 57 or wait for a momentum above 63 . Always a high risk stock coz of the volatility .
Ruchi Soya looks good for short term and investors can take a small exposure only at current levels and dips for a tgt of 115-123 with a stop of 99.
Have some personal commitments in the week which will keep me off the market ticker so might not be able to regularly update much in the day or on the blog for next few days.
TECHNICAL ANALYSIS SESSION
MUMBAI MAY 31-June 1
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