Sensex pulls back as expected and may now test the level of 13480 which is gap area. For Nifty similar level comes to 4050-4100.
As seen in the chart the fibonacci retracement levels are placed at 13300/12300 respectively.
Momentum line is still lower so we would keep a watch on it in coming weeks.
Gap area is around 12272-13480. These levels correspond with the fibonacci levels.
Sensex may find a new range in coming sessions. 13300 should hold up for the next few sessions below which the next logical support comes to 12300 although there would be many moving averages firming up. So wait and watch for a new range to be formed if it breaks 13300.
On the upside 14500 would be a resistance for now.Continue to be stock specific and very selective.
Stocks to watchout for :
All the stocks seemed to have performed well.Will review tomorrow as lil tired today. Keep booking partial profits and ride with trailing stops.
In the next couple of weeks one may see lot many dirty penny stocks being pushed up by people to be multibaggers. So take care ( that doesnt mean not to take it , just dont get over-exposed to risk and keep booking profits to reduce risk)
The stock has seen huge volumes and is sustaining near breakouts. Buy on dips to 82/76 with a stop of 70 tgt 95-110 + in medium term.
Forming a nice pennant pattern. Possible trading opportunities of 10% on crossing 126 or 113.
The stock has seen some momentum in near term with a move above 51. Although fundamental triggers dont warrant a further move if stays above 51-53 zone it may even cross 60 which is just a tech view.
Small cap stocks
Celestial Labs , Lakshmi Engg and Foods , Marksans pharma look good for speculative traders who can take a risk of 10-15% and expect a 30% tgt. Do your own research 🙂 and take care.
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