Sensex Technical View :
A few nothing days on the index with no major indication coming. Levels to watch remain at 15800/15350 on downside and 16500/17200 on the upside.
As i have suggested before even if markets have to correct the index may give a false breakout above the rising wedge creating an illusion. If not then the index can go to 17700-18000 if its a genuine range breakout. Basically indications for the same would be given by the market. So wait and watch.
I had mentioned about this false breakout possibility sometime back at 14700 when the Technical chartist (Technicals is an Art --- There is a difference between a hoarding / road painter and an Artist ) were again searching for a big correction.
Please do have a look at this chart posted on 23rd August suggesting a possible breakout above the trendline. Guess what --- We went long on specific stocks for the same period and now we are a little cautious......
http://1.bp.blogspot.com/_OzqzswgRyzE/SpGHiYU0yQI/AAAAAAAACoc/RqzRyb8zFjI/s1600-h/falsedonsensex.png
Technically we are in an indecision mode on the index in near term but stock specific story might be different.
As a technical analyst one is supposed to wait for markets to indicate their next move and wait for confirmations rather then to catch the exact top or exact bottom. Many chartists in trying to do the same miss out on very big opportunities.
Be disciplined ---
Stocks to watchout for:
MRO tek and PNB gilts did a good move but again i would still mention its a speculative call so no credits to me :)
B L Kashyap has a given a breakout above 400 and the stock can go to 480 in the medium term. ( Disclosure Client call at 375/402 )
Small cap stocks like Rishi Laser ,Hind Nat Glass , ISMT , Sharyans Resources look good with a medium term view. Please do your research. May even give good moves in short term.
Tower Talk ---- ( not a buy or sell recommendation just speculation )
ABG Shipyard and Bharti shipyard will continue to notch higher in wake of Pipava Shipyard.
Retail traders are buying out of money October puts of 4500-4600 or calls of 5300 may end up losing money.
Shirpur Gold , Kinetic Motors,Genesys seems to have struck gold in their business and may move on ckts for some time.
Punters are betting heavily on chemicals agro related stocks like Sabero , Monsanto , Nagarjuna Agrichem with 3-6 mths view.
Subex Systems,IBSEC seeing some speculative built up for short term moves.
PSU Banks seeing fresh buying and a possible technical breakout but needs to see volume support.
Chart posted below
THANK YOU AHMEDABAD FOR A WARM RECEPTION !!!
Best Regards,
Nooresh
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