BSE Sensex: (9708) we said that ‘technically the market has given a sell signal and now if the market breaches 9520 then we should see a level of 9332’ well the market never broke the 9520 levels and stayed put, which looks more like a pause for a continuation of the move… my bias is towards down…. Crucial support once again to watch would be 9520…
BUY ALOK INDUSTRIES Ltd AT 12.5/- Target 17/- & 23/-.
Buy Financial Technologies for a target of 604. Stoploss: 581
Buy Reliance Industries for a target of 1540. Stoploss: 1500
The Indian market opened gap-down and traded in the red territory throughout the session and closed in the deep red zone. We had indicated about negative divergences on the hourly chart and correction came today. For the coming session trading below 2970 it will test 2930-2896.On other hand trading above 3009 Nifty can test 3027-3043 levels .
Okay guys (and gals ofcourse) I have some very important job to do tomorrow – that I have not done so far ever. Wify being out of the town – I have to go and pick my results of my kidoos from the school. To be on the safer side – I have prepared myself well. I have taken time to ask my kids the class and section so that I reach the right place and ask the results from the right teachers. Already having jitters and I know that the night will turn out to be as awful. I am sure no one will recognise me as their father as this is the first time. How I miss my wify. Okay here goes another round of practice to pick up results of my kidoos – straight face, don’t look bewildered, try to remain calm, the hand that shakes the most should remain in the pocket and ask for the class… walk confidently, smile at the teacher and don’t look at the report card in front of the teacher lest I do or say some thing stupid or act smart.
Well here I am – ready to give you another dose of technicals’. The day today was like that should have been accepted after a virtually nonstop rally of the markets for 11 straight days of rally. The force down was a kind of anticipated and everyone seems to have rushed for taking home the profits.
The markets ended sharply lower, breaking a five-session winning streak. The benchmark indices saw a huge sell-off on the back of weak global cues. The Nifty slipped below the 3000 mark while the Sensex closed below the 9600 level. Banking, realty, metal and technology stocks were worst hit in today’s trade followed by infrastructure stocks.
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UNITECH : Hemen Kapadia, CEO of chartpundit.com, gives his outlook on the stock.