Sensex Technical View :
Posting the chart again after some time with the reasons and view.
Earlier we had seen a upward channel where in we exitted at the top of the channel at 17500 . After that a small pullback trap to 17500 was seen where in it was again stated to be cautious where in the general mkt consensus was to buy ! ...Later as the channel broke 16800 and we saw a small downward channel supports pulling a bit before cracking 16100 and going to 14700 ...
Yet again when repo rate etc the news came in where in again ppl were selling we made it a point to re enter with the cash generated and specific stock picking was advised at 14700-15300. This being the bottom of the channel , previous low support , FIBO time analysis and many technical factors suggested a bounce back . Also stated June 10 as turnaround date and bang we are 1000 points up frm that day 🙂
Check the below link .
Current View :
As we see the current bounce back has reached the upper end of the channel and would ideally like this to be broken and take a shot at 16400 which is 61% retracment . Technically every upmove will continue to face resistance at higher levels so traders should be cautious if they take commitments at higher levels. Investors those who did took our advise to buy at 14700-15300 should look to reduce /partial booking in rise above 15800 till 16400.
Stocks to watchout for :
IDFC , BOB , ONGC , Bombay Dyeing have moved up 15% and would advise booking half or more in coming days ...
DIVIS Labs, Reliance Capital have finally broken out and have space for further 5-10 % move.
High risk trading call :
Buy IVR prime at 225-227 stop of 219 tgt 245-256 .
many stocks have bounced back strongly and would wait to see some in the day ... Many stocks were recommended to clients in dips to 14700 and would be looking to book them in coming days and trailing .
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