Hi All,
Hope you all had a wonderful Week.Nifty had a dream run going down by 157 points on Monday and than touching a high of 4703 on Future on Friday before surrendering its gains inspite of good iip Numbers.So what does it suggest and coming on Sensex, Sensex kept up the façade of an indomitable uptrend even as the broader market succumbed to selling pressure last week. BSE Midcap Index ended 3 per cent lower while BSE Smallcap Index was down 7 per cent.Well as far as i can understand Technical correction which was overdue is offing in coming Weeks and may be we can test the recent low of 4365 and go below that.
If one remmber on Jan 8 2008 the small caps went on LC and almost after 2 weeks we had a huge correction is markets. Just a food for thought,Now going by cuurect sceanrio Small caps Index was down by 7% WoW basis.So it s up to u to ponder.
Nuke war warning between the Korean countries can also add fuel to fire on downside.
Technically Speaking Markets are looking overbought on Weekly Basis and we are seeing Negative divergence on RSI and a long Legged Doji on the Weekly charts indicates that mometum is slowing down Markets are looking tried and they need a rest before moving futrhur.
Levels to be watched out for on Weekly Basis Click and check the Charts
Intra day levels will be posted on the BLog Chat Box everyday and should be traded according to that
Stock Specific
IGL Buy at cmp tgt 162 Sl 143
Jet Airways Sell at Cmp for a tgt of 265 sl 302
SBIN Reistance at 1691 and 1758 Should be shorted newr resistance for a tgt of 1600 1563
BHEL LT Reliance Looks overvalued can see bear brunt in coming sessions
Option call:Buy 4300 PE around 30-35 levels for a target of 50,70,100
Regards,
Bramesh