tHURSDAY, JANUARY 15, 2009

WHEN IN DOUBT STAY OUT IS BEST WAY TO TRADE

 

Sensex Technical View :

Quick pullback and quick pulldown is leaving no clarity in short term index moves with lower volumes to add to the uncertainty. 

In the last so many months Sensex has not closed below the 8800 mark convincingly so a close below could be the trigger for a confirmatory breakdown move. On the upside 9650 remains a level which will be difficult to surpass. 

When in doubt stay out seems the best way to trade :P 

Stocks to watchout for :

Bajaj Auto 445 and Mahindra and Mahindra 330 are levels above which the stocks could give a 5-10 % move in short term. Waiting for a petro cut ??/

LnT charts updated in post below 

ONGC moving around 615 -625 support zone... 2-3 sessions below that could lead to test of earlier lows also and if holds for some time it can give a 5-10 % pullback.