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we retraced from 17631 and so far we have made low of 16736. it is aprrox 50% retracement level of rise from 15748 to 17631. more over if we consider this correction in abc pattern, a from 17631 to 17039 ( 592 ) b from 17039 to 17319 ( 280 ) and c from 17319 to low so far today at 16736 ( 583 )
a = c , 200 dma is also around 16800.......time for a reversal in up ward direction must come soon...

NEXT RESISTANCE ZONE 17800

i will like to draw attention about some technical nos.

if we consider last intermediate tops and bottoms made, we made last intermediate bottom of 15748 , before that we made intermediate top of 18524. we have seen apprx 75% retracement since top of 21109 no of times . 75% retracement zone comes around 17830. more over if we draw a trendline connecting tops of 21109 and 18524 next resistance zone comes around 17800.

we have closed above 17500 today.so i feel gradually we should book some profits and generate cash levels when we are near 17800.equivalent zone in nifty may be around 5400.......

STOCKS LOOKING GOOD FOR SHORT TERM

ASHOK LEYLAND CMP 25.25,  STOP LOSS CLOSE BELOW 24.00
ALOK IND CMP 18.3,  STOP LOSS CLOSE BELOW 17.50
SCHNEIDER ELECTRIC INFRASTRUCTURE LTD. CMP 82.5 stop loss close below 72.00

STOCKS LOOKING GOOD FOR SHORT TERM ON CHARTS

Dewan Hsg (DHFL) - 174, Zydus well - 419 , Fkonco - 91 , Kohinoor foods - 27.40 looks good on charts