Before i get into the daily post i would like to explain the title line. Technical analysis is an art which requires lots of observations and above all chucking of the internal human bias !! So one may see opposite views from many techies as with a couple of observations and personal bias there is whole lot of justification.
There are only two ways to use technical analysis ---
Learn it from a experienced fella and practice yourself to become independent.
Take professional advice from an analyst who has been consistent for a long period of time.
So start finding yourself someone who can help you in the above two ways. For the above same i would push up our own team though
Sensex technical View :
Sensex may face resistance around 16250/16400 for the day. A move above 16600 on closing basis will see lot many analysts sit up and notice the internal strength of the market.
Investors/traders who used our analysis to put in cash at 15500 should look to book partial profits now to reduce the risk exposure and make it comfortable to ride the further moves.
Expect volatility to remain high in the next 1-2 weeks with a tight range being formed. Difficult to call a range but could be 15600-16600 before the market takes a call to find the direction.
Stocks to watchout for :
PTC India has given a breakout and should be headed to 125 + in near term. Keep a stoploss of 105.
Ranbaxy could give a good move on closing above 405. Buy on declines with a stop of 380.
Tata Power buy for a bounce to 1370-1400 with a stop of 1300.
Paramount Communications looks interesting even on a simple study of fundamentals. High risk investors can look to buy at current levels with a target of 18-25 over the next 6 mths. Stoploss 11 closing basis.
Grasim buy above 2260 with a stop of 2200 tgt 2350.
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