The Sensex ended a 5 day rally on friday. Down about 300 points as it approaches the 200 DMA at 18750
It has a strong support at 17700 from where it had rallied with a Gap.
The coming week will decide the further trend as of now the 200 DMA needs to be breached to have some upward momentum. With the budget ahead, not much of movement should be seen. The sensex should be range bound around the current levels.
Of individual stocks
Renuka Sugars breached the 200 DMA on a closing basis on friday.
With the positive divergence seen earlier, this may prove out to be a false trap and the stock could bounce up back again.
Hero Honda motors which was hammered down in the past month seems to be due for a short pullback
Here too some positive divergence is seen.
Usha Martin Ltd
Prices congesting in a symmetrical triangle and low volumes in the past 3-4 days
Also RSI is bouncing up sharply which indicates a move coming soon
It has a strong support at 17700 from where it had rallied with a Gap.
Of individual stocks
Renuka Sugars breached the 200 DMA on a closing basis on friday.
With the positive divergence seen earlier, this may prove out to be a false trap and the stock could bounce up back again.
Hero Honda motors which was hammered down in the past month seems to be due for a short pullback
Here too some positive divergence is seen.
Usha Martin Ltd
Prices congesting in a symmetrical triangle and low volumes in the past 3-4 days
Also RSI is bouncing up sharply which indicates a move coming soon
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