Sensex Technical View:
Sensex makes a strong pullback as hinted . The gap at 13900 is filled but a new gap left at 13350 . Now the current gap at 13350 becomes a very important point in days to come. Can this gap be a runaway gap or just another gap in a pullback. Ideally 13350 should be an important support in coming days if we term it a runaway gap.
On the upside 14100 /14450 are 61 % retracement from 15100/15580. So traders/investors should book partial profits and start trailing to conserve gains as part of discipline. Only a close above 15100 could instill faith in the pullback and confirm a double bottom till then wait and watch for further moves to take a fresh view.
Market Observations and Thoughts :
The world is talking about FED , Short Selling, bailouts etc etc and whats good or whats not ... Well there is a lot of stuff that can be written on it and may be covered some other time but in a gist US Fed is doing wat it needs to safeguard their economy and may continue to do that as always... Above all isnt it good that India doesnt need positive govt steps rather for last few months we were looking at CRR hikes which may dampen growth 😉 .....
Stocks to watchout for :
Andhra Bank and Syndicate Bank look good technically . Keep a watch for volumes.
Some stocks that may face resistance around the zones , only a crossover above them could trigger quick trades.
SBI around 1640 , Punj lloyd 315-318 , Union Bank 158 , BOI 300
Brushman Inds , Bang Overseas are two risky stocks that have sustained in these markets and have given a breakout and can continue to move another 10-20 %. High risk players can keep a watch .
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