Sensex Technical View:
As mentioned earlier Sensex had given a breakout and the pattern suggests a maximum target of 19400.
Parallel Channels, Trendlines, 61.8% retracement all come in the band of 19200-19500.
At this point of time a good short trade can be done as closer to the higher band or slowly build up a position on the index.
Stoploss 19600 on closing basis.
Even if markets were to test higher it may retest the breakout levels at 18700-18900.
Similar chart for Nifty gives a stoploss of 5890 and dips to 5650. Short on every rise above 5750.
Disclosure ( advised shorting Nifty at 5760-5780 partial qty in April will add at 5820-5860)
Stocks to watchout for :
Aventis Pharma has given a breakout watchout for a move to 2300. Low liquid stock so investors may do their own research.
Piramal Healthcare which has cash to the tune of 500 + rs post buyback looks a good defensive bet below 440 till 380.
MRPL can see a move to 70 levels if crosses 64.
Paper stocks may be in action tomorrow after the announcement on AP Paper Mills. BILT seems a good funda play.
Long term investors may look to accumulate Navneet Publications with a 1 yr view.
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