WEDNESDAY, JANUARY 14, 2009

WILL SENSEX SUSTAIN???

 

Sensex Technical View:

Sensex gave a quick pullback to come back to 9350 -9400 . As it was noted in the video that mkts have fallen around 1000-1400 points in last 3-4 sessions and a pullback is also a good possibility before confirmatory signals emerge. 

In the chart above we can see the two lower trendlines which would resist any upmoves and such a pullback does happen as a testing of the lines in ideal technicals. 

9450 and 9650 odd are the trendline levels. Only a sustained move beyond these lines would reduce the possibility of triangle breakdown. 

The markets have been swinging below and above the triangle in the last few days. The view to wait for a confirmatory moves still remains till then wait and watch .


Stocks to watchout for :

Mahindra and Mahindra 

The stock could give a breakout if sustains 330 and could target 345-360 levels quickly 

Reliance Inds 

The stock gave a quick bounce from lows ( some say there were rumours ) . 

Resistances on upside are at 1200-1220 and higher side 1295 . Only a sustained move beyond 1300-1340 or below 1020 can give a clear direction .