Sensex Technical View :
Yet another minor pullback but doesnt sustain through the day as being seen for last few sessions. Sensex resistances are placed at 14300-14500 zone on the upside and on the lower side 12500 odd zone. With a lot of external factors in coming days expect indices to be highly volatile. Investors should buy only on dips and not hurry. Investors and traders should now be extremely stock specific as there are lot of value picks coz of the correction and also momentum can be seen in over corrected stocks and not necessary all stocks may bounce with index bounce so be stock specific .
Lot of external factors like Govt , Nuke deal , Crude ( cooling of from closer to 145-146 mark ) , Global cues etc would see swings in coming sessions.
Technically Crude as said few days back could see selling around 146 mark and we have seen a pullback from roundabout the same level. Only a close below 138 ! mark can see a major cooling off in crude .
Dow Jones continues to remain in the downtrend and an important support is placed around 10800 odd .
Stocks to watchout for :
We saw some bounces in rcap , jsw and bombay dyeing as discussed .
Long term investors can take partial exposures in PSU banks like Allahabad Bank , Vijaya Bank , Dena bank etc as they seem to have come to good levels but are slow movers so do ur own research ! .
Few days back had recommended investment buying ( client calls ) in IDFC , PRAJ , IFCI , Bank Of India of which Praj 154 to 185 , IFCI 31 to 39 , BOI 190 to 245 have moved up 25 % in a short span of time and as part of discipline booking partially advised and hold on IDFC . Stock specific approach gives a better return in bounce backs .
TECHNICAL ANALYSIS SESSION MUMBAI
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