Sensex Technical View:
In the last few sessions index has clearly given a lot of unusual moves with no clarity of a direction on either sides.
On the upside the resistance zone of 20500-20800 is not being broken convincingly at the same time lower sides of 19800-20050 seem to be holding up. Intra day moves have broken recent day low and highs to trap short term trades.( yes me to got stopped out at 6240 ).
But one has to stick to the discipline and be ready to digest a bad trade and at the same time to relax and watch for some time.
The medium term out look was presented few weeks back -
Sensex at 18k - View presented in August 1st week 2010 with a target of 20500 +
Recent view posted some time back that it would be difficult to cross 20500-20800 easily. Index has since corrected 800-1000 points.
Sensex at 21k – Cautious doesnt mean Bearish - http://www.nooreshtech.co.in/wp-content/uploads/2010/10/Sensexat21kCautiousButBullish.pps
Some Technical Observations -
India Bull Real Estate
After a good trade on Unitech and DLF posted earlier - It seems India Bull Real EState is next on the radar.
Advised to clients at 204 today.
India Bulls Real Estate has given a nice breakout today with supporting volumes. Expect a quick move to 215/230. Stoploss below 198.
Technically the stock has given a possible breakdown in short term but a further confirmation of a major downtrend comes only below 51.
The stock can see a bounce back from 51 levels but i would prefer to avoid that trade !
Some other Midcap Observations:
After a super move in Karuturi Global Limited the largest producer of roses can we see a follow up move in Neha International which also on a scan seems into same sector ! ( Havent digged deep so plz do your research)
Technically the volumes in last few days suggest a strong move to 200 +
High Risk High Returns.
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