THURSDAY, JANUARY 29, 2009
9400 ACTS AS A BARRIER AS MENTIONED YESTERDAY
As was observed yesterday on the technical chart shown that 9400 remains a resistance which is the recent top. Sensex made a high of 9380 and closed around 9236 pulling back more then 150 points from days high.
If we see this is the third attempt towards 9400 zones. Only a move beyond 9450 can generate a test of the lower trendline again which comes to around 9900 +. Support on downside would be 8650/9050.
As volumes have been low in both the dip below 9k and again a pullback to 9400 the short term direction remains ranged but the short term downtrend remains in place till we dont get back above the trendline shown.
Stocks to watchout for :
Gmr infra and titan were not able to sustain higher levels so no trade initiated. Glenmark for only high risk players !. colgate holding above 415 looks positive.
BHEL
The stock last time bounced back from 1300-1320 range but has not been able to cross 1430 levels to show positive signals. Breakout on either side would give a tgt 1200 or 1500. Traders can keep a watch.
RCOM
The stock continues to remain under pressure with the price close to october lows of 148.If breaks below those levels the stock could take much more hit.
GNFC
Seems the stock is making a bottoming out formation. A close above 62 would mean a breakout move to 70 + .
