Sensex Technical View:
As of now everyone has been trying to go short on the index in the hopes of a turnaround. But that is a sort of taking a wild shot at possibilities.
Technically near term resistance is 18900 - Reason it was the top made after the correction in Jan 2008.
I still dont see any negative signs so will stick with the current momentum and follow discipline of putting in strict stoplosses !!!!!!!!!
Some Basic Rules and Gyaan to follow in coming months ( I do expect a dip and then maybe euphoric move so need to put discipline in place first) :
STOPLOSS - Will become an important word in days to come as some day the momentum can subside in specific stocks till then enjoy the RIDE
PENNY STOCKS- Quick Money is not the thing to go for now. Avoid dabba,chakry stocks. As soon we could see lots of unsolicited SMS/Mails
MOMENTUM : Riding the momentum trades requires lots of discipline. If you are not tracking markets closely dont jump into momentum stocks. If you do so put a system stoploss in place.
RISK MANAGEMENT: With lots of internal news working out superbly as sentiments are good people tend to get over exposed to one stock. Stick to diversification at current levels as not all stocks are very cheaply priced. Concentrated portfolio with high weightage to one stock is good in suppressed markets.
LEVERAGE: Although as of now going leveraged on stocks like HUL is fine as volatility is low but going for huge Derivative positions can make you lose out on the gains accumulated till now. If using leverage keep a stoploss on entire portfolio. Also exitting partial positions is also fine - There is no rule to exit at one go ( Partial Loss booking to i have never heard )
RESEARCH : In good sentiments quality of research goes down badly. Dont compromise on your stock selection process. Rather become more conservative !
Stocks to watchout for :
Hindustan Unilever - A personal favorite is a must for every trading and investment portfolio - Buy and keep for 1-3 months and then join us. Technical View posted - http://www.nooreshtech.co.in/2010/09/strong-technical-pick-hindustan-unilever.html
GMDC has given a strong breakout and is headed to 145-150 in short term. Recommended at 132 to clients.
Noida Toll Bridge buy on dips for a target of 40.
JBF Inds - Finally a strong breakout should head to 180 in extreme short term. Recommended at 140 in Delivery Gains. Time for some momentum
INDO rama synthetics posted some days back has given a breakout shud tgt 48-52.
Shree Ashta Vinayak is moving up on the back of Dabangg release it seems. Good time to book profits ! or exit. Highly overvalued
National Steel, Hatsun Agro, Provogue,Sangam India look interesting on charts
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