Among all the technical charts of various indices Sensex seems to be showing lot of resilience but it needs to be seen whether 16900-17200 can be crossed or it starts closing below 16600.
The downside support trendline is placed around 16000-16200 till that level is not broken there can be no technical confirmation of a major correction but testing closer or below those levels is highly possible.
On the upside two ranges are 16900-17200 and 17700-18000 but the risk-reward is slowly shifting away from long side to the short side on the index.
Stock specific View :
The major dilemma now is that the stock specific charts do look interesting with lots of fresh breakouts ! at the same time the comfort on the index is reducing !
At this juncture there is lot of indecision so i would prefer to watchout the next few sessions. Sometimes its not necessary to be part of the every upmove on stock specific side or downmove on the index.
Traders should look to hedge their longs by shorting Nifty futures in small qty or buying 4800 puts as a hedge only !!
So would prefer to avoid any stock specific calls for next few sessions !!! ..... Relax enjoy the long weekend ahead with Navratri celebrations and Dashera.
TECHNICAL ANALYSIS SESSION AHMEDABAD
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