Sensex Technical View :
Sensex took a pullback from 11900 zone which was a short term resistance. The gap up opening left a gap at 11361 zones . So the gap filling process should take place in coming days ideally. Extreme short term supports are support are placed at 11350, 10900. On the upside 12300/12900 is the immediate resistance. Sensex could continue to consolidate around 10900-11900 for some sessions before trying for 12300-12900 or maybe 9700 . For Nifty this could be roughly 3350-3650.
Other levels have been discussed in previous posts.
Stocks to watchout for :
GTL infra has sustained the major drop in current market corrections and is trying to give a breakout but 39-43 is a resistance which if crossed could see a quick move. On downside 30-34 is good support.
SBI stiff resistance around 1580-1640 . Traders can short closer to 1580 with 2-3 % stop and reverse trade above 1640.
Tata communications a strong technical breakout in such markets but a difficult stock to trade. Can it touch 525-550 ..
Lanco hit stop, DLF moved but huge gap up may not have given chance to take a trade though.
Market Observations and Thoughts :
ICICI files a complaint against a sub-broker,some websites with sms , some sebi banned advisors site etc etc. But it seems a lack of study on part of icici or leaving it to Sebi to do the needful. Can any malicious intent be proved as there is no rule which can punish a wrong rumour , view or advise unless there is a proof of the sender or group making unusual amount of money out of it , ICICI is such a highly traded stock it will take long time to substantiate it.... So lets c i dont expect much as not seen a biggie or even a small one in the dirty games being punished for a long time now...
Core Projects sees another 22 lakh shares sold by Indiabulls on BSE and 13 lakh on NSE that totals around 70 lakh + pledged shares sold ? in 2 days. Promoter group comes on TV says no selling by promoters or group then who is selling is the big question. Public holding as per june shows 2.2 crores roughly in hands of institutions or firms.One insurance firm holds 29 lakh shares which may not be sold so easily so who is selling is the question ???? ... Once this pressured selling and clarity comes out would be easier to take a larger call and stick to small quantity till then may it be of higher price...