Sensex does a small pullback and fills the first gap around 8978 by making a high of 8995. The view remains the same as yesterday to watch for the 8600 level which if holds we could see a possible pullback to 8978 -9270 levels also.
Any upmove will face major resistance around 9500 in short term. Only a move beyond 10100 would mean a change of trend on upside in short term. Similarly 8500 on closing basis remains a confirmation level for a breakdown.
Stocks to watchout for :
Just a review of some of the views and charts posted in last few days :
ABB and Infosys Charts -- Abb does 380 and is headed lower. Infosys pulls back from 1140-1160 resistance now arnd 1260-1280 difficult to cross.
HDFC Bank and ICICI --- Both the stocks cracked as expected. Could see small pullbacks from 800-830 and 300-310.
Axis Bank and HDFC Ltd Charts --- Axis Banks dips below 375 to touch 355 . HDFC ltd breaks 1350 and touches 1250 and should be booked around 1200-1240 support zone.
Maruti crosses 645 and does an expected move of 20 bucks by hitting a high of 669. Bajaj Auto has crosses 503-505 and is a buy for 525+.
Fresh stock views :
It was discussed as a short pick some days back below 410 for a tgt of 380-350. The stock pulled back from 365 and tested the breakdown level. Seems its headed down again short below 360-365 for a tgt of 345-330 in short term.
Larsen and Toubro
Stock remains in a downtrend. Short below 605 for a tgt of 570-585 in short term.
Auto stocks have been seeing good buying support in the last few sessions. Technically stock seems to be breaking out of a range buy around 503-505 with a stop of 490 for a tgt of 525+.
Lot many stocks are seeing promoters increasing the stake - but the question is who is selling on the other side ?. Now there is an unwritten norm in the market where in the promoter group holds an unofficial stake which continues to remain always or gets placed when needed. According to some market-men some of the promoters might be just transferring the shares. Will the added stake be again placed at higher levels to investors, funds, instituitions in better times or is it the promoters are bailing out some stuck investors,funds or re-buying stock placed at higher levels in bull market. In either case insider buying is always positive 🙂