8500 gone …. Couple of sessions below means further selling pressure.
Sensex Technical View :
The consistent view in the last few weeks has been to avoid buying in the index and trades are biased on short side ever since i posted the triangle video ( Check links on right side ).
Sensex has for the first time closed below the leve of 8500 since October and 2-3 sessions below this level would confirm the breakdown from triangle on line charts also.
On the long term the supports are placed at 7200-6800 zone if we break recent lows and 6150-6500 would be a worst case scenario in the next few months. This could be the last wave of selling ideally around the 13-14 mth based on time analysis. So its the time-wise pain more then the price-wise.
For detailed view check - Triangle video , Future is past entered through another gate and Time Analysis Chart links given on right side.
Stocks to watchout for :
BOI and BOB look weak on charts short on rise with a stop of 225 on both. Tgts could be 200-190
Cipla seems to be the only stock which looks positive in near term. Buy above 196 or on dip to 188 stop of 185 tgt 205-215.
Reliance Infra seems set for a breakdown and crack technically. Short on rise with a stop of 505 or below 430 for a tgt of 405-380.Also as shown yest RCAP and RCOM continue to look weak only.
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