Sensex Technical View:
finally it seems Sensex seems to be setting up for a nice move in the next year.
Currently if it is able to cross above 20300 wont be surprised to see a sharp move in near term with expiry around the corner.
Ideally a move above 61% of the fall is an indication that the uptrend continues and the current move was just a healthy correction as expected.
Investors should again start focussing on broader market once index closes above 20300 and 6100.
Stocks to watchout for :
Maintain the strong view on Metal Stocks – Hindalco and Tata Steel. Will also start focusing on Sterlite Inds soon if its able to cross 190 resistance.
HDFC Limited has given a breakout today. Watchout for a move to 740 in coming days. Dips to 710 or lower can be bought into. Today we did a small trade in futures though.
This is a classical trading setup on State Bank of India. Sustained move above 2800 or below 2700 could give a nice 150 rs trade. Stoploss would be 30-40 bucks.
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