Jul 16, 2009
In an attempt to come out from bear grip and on the back of soothing monsoon forcast the SENSEX made a smart short covering rally or a technical bounce. It is now very close to the head and shoulder neckline around 14460 and this should prove to be a very strong resistance if the market wants to continue further follow up downward journey. Once it crosses this resistance the next resistance is around 14850. This is a falling bear resistance and market can look to gather momentum only after crossing it, otherwise only sideways movement can be expected.
Posted by adesara at 6:05 AM
Jul 6, 2009
SENSEX has been making higher high and higher lows and has made a small rising triangle pattern giving a very bullish signal ahead of the union budget. The Rising Triangle Pattern is mostly a continuation pattern and on break above 14,960 it should stop only at 15,600. It has two supports at 14,600 and 14,300 on the downside. The opportunities are to go long above 14,960 or go cash below 14600 and go short below 14300 for target of 13500.
Jul 5, 2009
This stock has been showing good momentum and is hinging around 52 week high of 2615 with a weak breakout just before the budget. The stock is now headed for first target around 3000 in near term. It has potential to move to 3450 in medium term. The stop loss level is just below 2450.
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