Sensex Technical View :
The upmove in Sensex is not ready to take a breather and continues to sprint. Although indices do look a little overbought but they can remain so for a long time till we dont see a strong reversal signal on the charts its better to watch the index and concentrate on specific stocks.
The high reached after Octobers is 10945, 200 dma and dema comes closer to 11200-11400. This seems to be a band of high resistance but a sustained closing above 10600 levels would ideally mean a range breakout which should then target 38/50% of the down move from 21k-8k and the bottom would be well in place for a long time to come.
We would look into this situation if Sensex starts going beyond 11k or takes a breather to 10k in a detailed manner.
IN the last 2 weeks our focus has been on specific stocks and we have discussed so many of them and many have overshooted targets. Have been continously mentioning that stock specific moves would be more prominent then index moves. Still the same would continue.
We started discussing small cap/mid cap a day before the moves started happening technical bias to the investments helps to time
Stocks to watchout for :
Will make a weekend review on the stocks discussed and their tgts being achieved. HDIL Ind bull real and Rcap speculative ones rocked.
Welspun KS and Zee continuing on good territory.
DCB AND EMCO ROCKING with more almost 40- 50% moves in short term. All the other small caps that were on the list which we were keen on taking exposure have moved up too.
Detailed review in the weekend. Any query on the stocks discussed put it in the chatbox.
Stocks to watchout for :
The stock has broken out above 54 expect it to touch 58/64 stop now would be around 52.
NTPC and SUN TV seems to have given a sharp breakout move buy some quantity near to yest close and add on dips to 190 and 180.
The stock was discussed some days back as a long term investment and continues to be a good bet in the insurance sector.
In the short term lot of accumulation seen around 100-110 levels if stays above 115 expect it to touch 125/135 zones.
Yet again a small list of surprise movers for 4-8 sessions. Traders with risk apetite can keep track.
Sesa Goa above 110 , Mcdowells above 720.
Guj Nre coke , Balaji Tele, FSL some speculative build up seen and could see momentum in this week.
SMALL CAPS WHICH LOOK INTERESTING ON FIRST LOOK --- Need to read more into the books. If readers tracking please update - firstname.lastname@example.org. From the last list Patel,elecon,kirl bros zoomed away but we could not take exposure just like dcb emco .
Current Report :
Previous Report ---
TECHNICAL ANALYSIS SESSION MUMBAI --- APRIL 11-12
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