Sensex Technical View :
Profit Booking/Delivery based Selling/Basket whatever be the name but yes after a long time index saw correction which did not seem to have basis in global cues. Such a reaction should be taken seriously and one needs to watch if the current move does see follow up selling for 1-2 weeks or if breaks the crucial levels else we may even term it a healthy correction.
The short term trendline supports come in at 15200 ( will keep getting higher)
Gap support at 15275-15350.
The rising wedge trendline comes to around 14600-14800.
Traders should keep a stoploss of 15200 on closing basis or sustaining basis in the day alongwith stock specific stoplosses/trailing stoplosses.
Above all i would yet again mention to avoid leverage and also to take some profits of the table ( take some cheques home after such a good 3-5 months all of us had )
Stocks to watchout for :
Ador Fontech only for long term investors, Essel Propack looks good for medium term, Macmillan hold and add on declines , HOCL wait.
Book profits in stock advised which are up by 20-25% and for short term keep a stoploss of 5-8% in open positions. IFCI stop 52.
Be vERY strict with stoplosses and portfolio conservation is equally important.
Somehow every stock with guj as a prefix looking good technically .... GIPCL , GSPL , GMDC, Guj Flouro ( recommended to clients at 156 today did 173 )
Guj Alkalies if manages to stay above 118 expect a move to 129/140 levels in short term. Stoploss 113.
Amar Raja batteries ( above 137 ) Easun Reyrolle , Macmillan ( 75 closing for 2 days ) have seen very large volumes in past few sessions. Traders can keep a watch if markets stable out in thiss week.
Fundamental views needed on Four Soft , El Forge, Clutch Auto , Bharat Seats . very small caps but interesting on charts.
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