Technical view by Nooresh

Wait and Watch … 14950 and 15800 triggers.

Sensex Technical View :
Sensex has not been able to reach the tgt zone of 15800 and has taen a pullback from 15580 which is the 61 % retracement from 17500 top. 61 % frm 17735 comes to 15750-15800. As seen in yesterdays post and now today that there are lots of resistances placed in the zone of 15500-15800 and thats why the view has been to book profits in long term buying done at lower levels.

The pattern on Sensex and Nifty is a rising wedge pattern which if broken can lead to a dip and the indices have seen dips after this patterns. 14950 and 15800 are the levels to watch on either side to trigger a buy or sell till then the view would be to wait and watch and be strict with stops on trades.

Stocks to watchout for :

Many of the trailing stoplosses were triggered in open trades and booked in cost or minor losses. Strategy is now to wait and watch for fresh trades. Investors can wait with the cash generated.

Aban Lloyd has broken below 2400 and given a weak signal. Sustaining below 2350-2400 can take the stoc to 2000-2200.

Crompton greaves 275 is a level to watch.

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Technical View presentations.

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Nooresh 09819225396

Article by Nooresh Merani

Nooresh has written 2531 articles.

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