Sensex , Dow and Hang seng can they go for another 5-8% upmove ??
Sensex Technical View :
Sensex continues with another up day going up beyond 14500. Staying above such levels opens up to 14900/15500/16200 also.
So if stays above 14500 for 2-3 sessions we could expect a momentum move to 15500 ( prev top _ in the best case scenario and a longer extension can go to 16100 zone which is 61.8% of the entire downmove.
This could be a very difficult move for investors and they should be looking more towards booking profits and avoid long term commitments at such high levels. Traders can continue to trade with a long bias but with strict stoplosses as it might also be a distributive rally with lot many operator/ brokers pitching in for highly run up stocks. So one needs to be careful with the trading opportunities.
DOW JONES and HANG SENG charts posted:
Stocks to watchout for :
HCL Tech hold with stop 163, Venus Remedies,Great Offshore with medium term view. Bharti Airtel book as got our 10-15% bounce.
Sintex Inds and Alstom projects short term breakouts . Stop of 220/455.
NTPC raise stop 210 tgt 225/235 possible. Even PTC could reach our 95/110 tgts.
ETC Networks and Dalmia Cements book half at 15% moves.
Short term Weekly trades : ( keep strict stops and take exposure taking into account stoploss risk ) Not much time to post the charts
Buy Bombay Dyeing 340-350 stop of 330 tgt 390/420 in short term.
Buy Guj Alkalies at 102-104 stop of 97 tgt 114/122.
Buy Indian Hotels around 65 stop of 61 tgt 71/77.
Sterling bio buy above 140 stop of 135.5 tgt 155.
Educomp could be a momentum trade if stays above 2960 for a quick move to 3150-3250. Suzlon could be headed to 110-120 levels in stable market.
TECHNICAL ANALYSIS SESSION MUMBAI --- JUNE 6-7
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