Sensex Technical View:
Although Sensex has marched beyond the resistance levels of 17250/17400 there is a possibility that a pause could come in near term or at least focus should now shift to specific stocks.
We booked out of Index futures at 5150 odd levels itself though it might be early but we aint interested in catching exact tops
Have been a little busy with work and taking some rest so could not put up a review of Sensex and Global Indices as suggested in June 2nd week.
Would put the update in a few quick lines.
By June 2nd week the target of 17k + and roughly 17250 was done which is a clean 1000-1200 points from bottom. For now the Sensex is moving exactly as expected the next dip should ideally be above 16500. This could ideally open upsides to even 18400 but needs to be looked into detail so will cover it later.
Dow Jones and European indices did a re-test of bottoms and are in a strong bounce but still have retraced only 38% of the fall which indicates global scenario would remain positive.
Time to be stock specific and stocks recommended in the report will be reviewed later.
Just a quick chart. Hope to be able to make a detailed report in the week. ( It takes time to explain it in a simple,logical manner which can be used as a profitable guide)
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