Sensex Technical View :
Sensex made a dip but still is above 14136 the recent low . The range is small and break below 14136 could see it go till 13700!. On the upside above 14800 can go again till 15500 . So its a tight situation as markets seem to be indecisive on the next move and traders might be bored but its better to be bored then lose a bit coz of compulsive trading. Wait for a trigger below 14100 or 14700 to watch for trading gains.
Market Observations and Thoughts 🙁 Few lines would be there in this section now onwards which is not a recommendation but a view which is speculative , take your own call )
Inflation worries seems to have crept in again with a possibility of a CRR hike in coming weeks as per market men. Inflation may peak out around 13.5 % by Sept but as all know inflation is 2 weeks delayed can markets would be early in deciding ! . Would it be logical to buy on CRR hikes , Inflation highs .. Yes Yes 🙂
High Dollar prices are supporting large cap IT stocks but will Dollar stay higher ! . Good opportunity to book or reduce exposure it seems as IT as a business or growth is a concern more then the dollar or pricing now. Layoffs in mid sized cos !
Stocks to watchout for :
Castrol has given a breakout . Risky traders can buy for a 10 % move in short term.
SAIL is consolidating arnd 145-155 . A move above 156 could see it touch 170 . Traders can wait n watch for momentum. Tata Steel below 550 weak if continues to stay above then a bounce to 650 is possible.
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