Sensex Technical View:
The view remains as before.
Sensex continues to hold on to the 200 dema at 18800 by making a couple of bottoms there in near term.The 200 dema is placed at 18800.
But we need to see a sustaining move above 19150-19200 and followed by that a move above 19600 to get back into the strong uptrend in short term.
On the downside the supports are as follows.
- > Previous breakout took placed at 18500 and 5550.
- > Long Term Parallel channel is closer to 18000 levels
- >Previous Major Bottom at 17800.
Continue to wait and watch – Focus on stock specific opportunities as Index may get into a consolidation in that case there would be certain big movers and certain laggards.
Bank Nifty :
As was suggested last week Banks would lead the bounce backs. All the mid and large banks have given sharp trading opportunities.
Stocks to watchout for :
DLF, HDIL and other real estate stocks if able to hold on to the lows made in last week could see a sharp upmove after RBI meet as uncertainty would be over.
TITAN INDS :
Titan seems to be setting up for a breakout move to 3800. Traders can watchout for short term longs.