Sensex Technical View :
Sensex continus to play in the range of 14000 - 14800 with nothing major for a move . Technically the congestion period now should give a breakout above 14800 or 14000 in next few sessions and traders can keep a close watch as such a move could tgt 15500 or 13700/13300 which may give good trading opportunities. Technically the bias remains towards the positive and a shot to 15500 seems more probable .
Crude Technical View :
The earlier views were clear at 140 levels of a tgt of 110 after a brief pull up from 124-126 zones.
Which we saw to have happened clearly !! .
Now few days back it was mentioned a pull up from 112 shud go till 122-124 range and bang on we again see a correction to 110 levels . All these are based on technicals and fibonacci retracements . Will soon put up a chart how technicals played out exactly.
View Now :
None of the pullbacks after the crack from 140s have lasted beyond 61 % of the downward dip. Such a pattern is generally seen in a bear phase and deep corrections from tops. Such a pattern suggests a fall to 108/105/98 which may see intermediate pulls though. On a longer term basis it is dicy to decide whether the current correction could go to 110 ( 61 % of rally from 85 to 145 ) or 85 which would be the base from where it started and correction of the whole rally from 40 to 145 ! . Will look into those possibilities through crude charts in the week.
Market Observations and Thoughts :
Another newlisting Resurgere Minerals comes in on the bourses and is up 100 % even after being subscribed 1.15 % . Isnt it amazing that nobody wanted to apply at 270 but ready to take it at 500 !! . Delivery % today was 6 % traded volumes 3 crs dint check the equity size though, but clean move frm 300 to 560 in the day amazing ! ..... On valuations seems costlier then Sesa goa also !!! ... Well all that can be said punt on the first few days in newlistings take the moolah n forget the stock ! or u will have to remember that forever ! 🙂 ... I dunno much abt the stock fundas but investors better do adequate research !
Some earlier ones -- Aishwarya 135 high now 25 , Niraj high 240 now 55 r recent examples we had .
The recent FNO additions r seeing good buildup and the liquid ones like K S oils , GSPL , Everonn systems etc and others may seem some move up in coming days.
Stocks to watchout for :
Traders can watch the following stocks n buy on crossovers for a quick 3-8 % trade .
Kotak Mahindra Bank above 610 , Reliance infra above 1010 , Rolta above 345.
TECHNICAL ANALYSIS SESSION MUMBAI :
Interested people can get in touch for more information, confirmations and queries . Nooresh 09819225396 , firstname.lastname@example.org .