market opened weak alongwith weak global markets . it bounced from first retracement support area of 14622.
yet we have not broken critical lvl of 14526 to confirm trend reversal technically to form lower bottom.
assuming that we are correcting and considering we are on pull back we can go upto retracement lvls in upward directions at 15111/15226 50and 61.8% of fall from 15600 to 14622. corresponding lvls in nifty are 4549/4583.after moving upto any of thses lvls if we come down our bearish view cld be valid.cross over of 15261 (high of monday) can be first indication of invalidation of bearish view.
guj alkalies and hind oil explo has shown good strength today.bank stocks have also shown good strength today.
Sir,what are your views on Shree Renuka Sugars.I am holding 1600shares at 144.
ReplyDeletethank you
Amar
Dear Amar
ReplyDeleterenuka suagar has faced strong resistance at 152. it is a resistance line connecting tops made in 5/08 and 8/08. we can see new high only on crossing that trend line.yesterday it has shown good upmove but it will be advisable to sell on rise in pull backs in market. sell n buy is better in current conditions,
pankajbhai
ReplyDeletebroken critical lvl of 14526 , can you pls update
Regards
amish desai
Sir,
ReplyDeleteRenuka has touched its previous high today. What do you expect further??
Thanks
Amar
Dear Amar,
ReplyDeletetoday also we reached near prev top and corrected from there. as i had mentioned earlier we are retracing from trend line connecting prev tops, this line will be giving strong resistance betn 150-160 area .only on crosssing decisively we can see stong upmove.and that can come only on some budget proposals .