Technical view by Nooresh

Sensex Charts …. 9900 zone next barrier

Sensex Channel:
The major quick fall happened below the 10500-11k zones on the channel breakdown which was the most quickest index and extended fall seen historically. Yet again in the next bounce from 7700 got fizzled out around the channe. The channel again comes to the 9900-10100 zone. Index will try to hit the channel ideally but it is to be seen whether its able to close above those levels for a few sessions or not. Only a sustained closing above the 10500 levels would open up a possibility to testing of the upper end of the channel.
Also given below is the fibonacci retracement levels.

Stocks to watchout for :
ITC is forming a good pattern for breakout but needs a move above 176 to give a quick 5-10 % move.
Hindalco if able to sustain 55 could tgt 60 odd zones.
Reliance if bought around 1190 should look to book around the 1320-1350 mark.
Some stocks which could give a sharp bounce back and have over corrected and traders can keep a watch.
Praj Inds
Triveni Engg
Vijaya Bank
Best Regards,

Article by Nooresh Merani

Nooresh has written 2532 articles.

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