Sensex down 5% ,Stocks down 10-30% from highs
Sensex Technical View :
The current technical formation on Sensex and Nifty seems like a rising wedge which is generally seen as a reversal sign after a major run up. A move above 15500 would negate that .
Sensex support is now placed at 14500-14600 which if broken for 2-3 sessions could lead to a deeper correction to the momentum line near 13500/13900.
Stocks to watchout for :
Reliance , LnT , IVRCL ( shorts advised at 332 to clients ) charts posted below.
Pharma and FMCG stocks are firming up on charts and could be a good place to shift.
The stock has done nothing in the last few years but a move above 355 would lead to a quick 10-15% move.Can buy on dips with a stop of 315.
ITC on dips with a stop of 185 , Dabur with a stop of 109 also look good.
Elder Pharma,Lupin also are firming up.
Some large cap stocks and support levels below which they can get weak on closing basis.
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