HP some speculative buying took place in futures at 2 pm it seems. even BPCL moved up from 425 to 460 in the day with volumes inching up in the end ... Just an observation can be totally wrong and stocks might have been seeing such moves usually !
Sensex Technical View :
Nothing conclusive is happening in the index. Although the small range bound moves are moving as per technical levels on extreme short term charts - hourly or daily. A small parallel channel support was not broken and we saw an intra day recovery.
The doji star formation seen a day back is not seeing follow up selling so the pattern is still not effected.
Simpler analysis tells us to remain on lighter positions in short term as external reasons like budget may impact more.
14200-14000 is an important support which if broken could lead to follow up selling. So traders should keep a stoploss of 14k for all short term positions and stay on lighter side.
On the upside 14900-15100 remains an important resistance. Earlier we did take long positions before the election in specific stocks and reaped gains !! but this time i would prefer to wait and watch !!
Stocks to watchout for :
yesterday had mentioned about support and ranges for DLF , TATa Steel
DLF low 305 ! Tata Steel 381. So the range has still been maintained !
DLF 345 resistance on upside and Tata Steel resistance at 415. only a sustained move on above levels could take it higher or may stay range bound.
Many index based stocks are placed similarly .
SBI if stays above 1790-1800 can go upto 1840/1900.Support around 1720-1730 zone.
Another defensive stock on the radar after excellent moves on colgate ( was sent to clients ), Cipla, HUL , Dabur , Cadilla ,ITC , Nestle all gave excellent returns in the short term.
Partial exposure can be taken at 72 with a stop of 68 tgt 79-85 +. Only to give stability to portfolio and shift some part of high risk stocks to this one !! ... Not a traders pick
Another range bound move 47-52.5 . Buy above 52.5 stop of 51.6 tgt 55 /58 and sell below 47.
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