Resilience !!! Stock specific movements will continue
Sensex Technical View :
Sensex continues to show resilience and is holding up recent daily lows around 15600-15700. At the same time resistance around 16k levels. So a show of strength for the market would be to pierce 16k with a strong move else we may continue to consolidate in this range with stock specific gains.
The important short term levels on downside are 15500 the breakout point and the recent lows of 14750. Only a break below the above levels can confirm a change in trend in simpler terms. So no need to make quick conclusions with intra day corrections or some sessions of consolidation
There is a good possibility that now we may see MIDCAPs/SMALL CAPs move up sharply as there are lot of attractive stocks which may have not played catch up with the Index. But be quick in getting in and out also very selective.
Stocks to watchout for:
Maha Seamless hold with 255 stop. Kotak rocked today beyond tgts. Sterlite Hold. Om Metals ,Kinetic Motors the risky picks have hit a few ckts 😛
Astra Zeneca Pharma and Abbot also moving up.
Voltas above 147 can tgt 155 in the day stop of 143.
Shriram Transport Finance has been notching volumes of late. Closing above 325 could take the stock to 360 + in near term.
Reliance Inds if stays above 2070 for 2-3 sessions then it could lead the index with a move to 2120/2200.
Speculative build up seen in Fertilizer stocks... Traders can look for some small moves.
The stock has been an investment favorite since 210 levels. Now at 270. If continues to close above 275 for 2-3 sessions expect a move to 320 in near term. If holding maintain hold.
The stock is in accumulation by strong hands as per mkt buzz and fundamentals are strong Technically the stock is about to give a breakout above 90-92 levels with mild resistance at 100 which if crossed will take it to 120-140.
Do your own research !!! before taking exposure.
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‘SENSEX – the next MULTIBAGGER’ …a technical view
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