Before we get into technicals would like people to read this article which was posted last week about the possible options which people would start talking about ....
Inverted HnS , Bullish Flag and Cup and Handle ( new ) on Sensex...
Yet no confirmatory moves but wishful thinking continues 🙂 .... Let markets show u the way.
Sensex Technical View :
The upmove remains but will be convincing only if it breaks above 15600. On the short term supports are placed at 14750/14300.
Ideally the index may range from 14300-15600 for now with stock specific moves in the broader market ( midcaps ) becoming prominent as well as it could be very selective.
Stocks to watchout for :
NTPC , Welspun continue to look good for short term upmoves till they hold above 200. PFC 213 stop and pivot.
Renuka gave a good entry point on 38% retracement to sub 120 levels ( could only advise small qty to clients ) and is now back close to highs. Multiple tops and resistance around 150. If the stock crosses above 150-154 with volumes could move up another 10-15% quickly.
United Phosphorous is shaping well on charts buy on declines with a stop of 148 with a target price of 180-190 over next few weeks.
EMAMI, HENKEL are the next FMCG stocks which are seeing buying volumes. The defensive picks seem to be on a roll. Investors can look towards the above after booking small gains in Godrej Consumers.
Short term trades :
Stop of 3-4% on trigger target of 7-12% in near term.
Rolta buy above 143 ,
RCOM above 285,
Mcdowells above 980 ,
GE Shipping above 260
AUTO ANCILLARY STOCKS :
The sector has been under-pressure since a long time but could possibly be on a turnaround with better performance by Hero Honda,Maruti and auto cos. Raw material costs are down whereas inventories of higher cost are out of the system. So there is a good possibility that some stocks could turnout to be good investments in medium term.
Technical Picks : Munjal Auto , Clutch Auto , Bharat Forge, Auto Axles , Yuken and many more. So do your studying !
just a personal view which can be naive and short-sighted .
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