As mentioned earlier that 16850 zone or the break down area would be the significant resistance. Index has been dribbling arnd the 16900 zone for last 3 sessions.
Although the next logical resistance comes only at 17500 we would continue to watch how the index reacts in the band of 16900-17200. The trend continues to remain positive. Dips to 16k could be a zone to look for fresh buying opportunities. The moves from here on would be entirely stock specific. Stock selection should be the focus then index.
Stocks to watchout for :
Textile stocks are seeing speculative build up on possible better times ahead. Skumars Nationwide and Arvind Mills seem to be the best bet in the small caps whereas Century Textiles in the large cap. Also the stocks are close to near lows so stoplosses are not steep.
The stock seems to be giving a fresh breakout if starts closing above 148 level for 2-3 sessions. If it does so a strong upmove to 165 + is on the cards. Watch for declines to buy or a strong volume move above 150.
Welspun Guj above 290 could give a small spurt
Mindtree and other mid cap IT counters should be on a traders list for 2-3 weeks. Slow accumulation seen.
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