The lacklustre movement continues …
HTTP://WWW.NOORESHTECH.CO.IN ..................... The new site address. Keep putting up your comments ,feedbacks n discussions. create your accounts and pass the link to others.
Sensex Technical View as yest )
In the last few sessions the range on upside has been restricted to 9400-9450 as was repeated in previous views. On the downside need to watch the recent low of 8630 and next 8300 which is the most important level in the next couple of months as a closing below it would signal extreme weakness.
On the upside the range if capped to 9900-10100 provided Sensex crosses 9450. Traders can position themselves accordingly in near term.
If we see the range bound moves between 8600 to 9400 none of the pullbacks or drops have had not a major large price action or volume support so every move tends to get over in a week. So expected range for the week could be 8600 to 9450 any move beyond it could lead to a nice move.
View remains as yesterday
... For Nifty futures the range is around 2680/2720 on downside and 2795/2830 on upside for short term. Any move beyond either could lead to some decisive moves.
Stocks to watchout for :
Reliance,BHEL hits trailing stop at cost , DLF breaks down below 155 leading to sharp drop as expected technically ( risky to trade though ) . ITC remains strong.
Message sent on sms channel n friends , clients today
Nifty 2700 pe arnd 76-84 stop of 64 tgt 95-105 in short term.2/3/2009 1:01:01 PM ( does tgt of 105 in the day )...
One can take two sides of a trade in this as per mkt conditions buy arnd 385-388 with a stop of 378 for bounce or short below 376 for a quick downmove. Could give 5-10 % move on either side.
If the stock stays below 53 it could retest the low of 48-45 also. Traders can look for volume support in case that happens.
This heavy seems to be the stock which would decide the next move in the index. 1380-1350 zone on upside and 1240-1270 on downside are critical levels in short term. A move on either side could set the tone for the index.
Traders can look for a small pop up move with a stop of 256 tgt 280-294.
The stock has been an underperformer compared to other sugar stocks. A move beyond 55 would be a breakout for short term.