Markets turned back into the channel and showed firm bullishness in this week adding almost 350 points.
As shown in the chart, a good move in the channel will take the sensex to 18850 levels in the next week. There will be intermediate sell-offs but the overall trend should remain firm according to short term indications.
Also there will be some significant resistance at the top of the channel where the 200 DMA resistance too lies.
If markets cross that, the overall sentiment will turn bullish and we may see good buying at those stages too.
On the individual stocks, we maintain bullish view on the stocks recommended earlier namely DLF, Yes Bank, Tata Steel, Axis Bank, Renuka Sugars etc.etc. Cipla did a strong up move today and should continue the uptrend.
Hindalco gave a false move down the DMA support but has bounced back strongly.
Refer to previous posts for analysis on these.
The Banking index is showing bullish signs since the past two days.
No comments:
Post a Comment