prev mail up date

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 

SENSEX AS ON 15.06.2012

chart attached with comments

sensex two channels as on 17.05.2012

chart attached

75 % correction completed of last rise from 15135 to 18524

we have completed 75 % correction of last rise from low of 15135 to 18524 ( 3389 points ) at yesterday's low of 15975.

sensex is highly over sold. showing +ve divergence in daily rsi (5) chart.we are correcting since 13 weeks from top of 18524.

of course, sentiment as well as parameters around us either domestic or internationally are weak, but they might have been discounted in current prices.

in first up move from 15135 to 16049 , highest closing was 15970. yesterday we have closed at 16030 after making intra day low of 15975.this closing is just above 15970.

we may see a pull back from here.on closing below 15970 this view will be negated.

--
THE SHORTEST WAY TO DO MANY THINGS IS ................

TO DO ONE THING AT A TIME ..................................

TORRENT POWER CMP 203

torrent power has shown good bounce today . decisive close above 205 will strengthen the stock.move below 195 will negate this bullish view.

BIOCON CMP 239.

BIOCON is correcting from top of 465 and has corrected up to 225 which is apprx 62% retracement of previous up move.

+ ve divergence is seen in daily as well as weekly charts in rsi.in current side ways and boring market stock can be added with stop loss on closing basis below 225 .

on closing above 250/260 zone it will become more stronger.

10.37 am 

28.04.2012

Happy New Year