Sensex Technical View:
The view remains the same as yesterday.
Technically the bounce back was expected to be 50/61% of the total move from 18k to 16k which roughly came to 17000-17250 band where we booked out for near term.
The next dip should again ideally be 50% or lesser of the pullback which comes to around 16400. So we could expect a strong support in the band of 16300-16500 in case of weak global scenario. One can expect a turn around from the current zones to re-test 17k. Closing above 17250 gives a change of momentum. Continue to maintain the stance of buy on dips and book on rise.
For now have advised a re-entry in Nifty futures at 5010/4950 in 2 parts would look to book the same at 5040 + and then trail.
So for now we booked partial profits around 5025-5040 and re-entered at 4980. Will again look to do the same to book on rise. My positional view as before remains positive for higher levels but these ping-pong trades help us reduce the average acquisition price.
Stocks to watchout for :
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