Technical view by Nooresh

Downward channel continues to support…

Sensex Technical View :

Yet again Sensex makes a low around the downward channel support of 16200. As suggested ( client sms ) yesterday that if 16200 holds we would see a bounce to 16500-16700 which will fill the gap at 16626.

Todays low of 16196 is yet spot on the downward channel for which supports would go lower every few days . Again a bounce to 16700 -16900 zone is possible if 16100 holds up. But will again be clear to mention in a downward channel we could see bounce backs to test the upper ends but till we dont close beyond upper end ( 17200 + ) we cant presume a change of trend and bounces would face resistances .

Traders will have to be quick and can trade the bounces only if they are strict with stops. Investors can wait and continue to do their homework about particular stocks .

Stocks to watchout for :

Few days back it was mentioned SBI below 1580 , ONGC below 980 , BHEL below 1700 , ICICI bank below 860 and we saw a slow and steady decline in all those prices which led to index pressure... ..

Guj Alkali can give a good move if crosses 195 . Could go up to 210-220 levels in short term . Traders can keep a watch ...

Risk calls for bottom fishing : IOL netcom , Indus fila , tera soft ........... Downside risk 10% accumulate tgt 20-25% upmove in next 1 mth.


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Article by Nooresh Merani

Nooresh has written 2531 articles.

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