The 'sensex' rally carried on till 18600 as expected after clearing a crucial resistance of 18510. Our resistance line is placed at 18650-18680 as mentioned in the previous post. Its from these levels that the 'sensex' failed to continue the pull-back.
The outlook for the 'sensex' is negative and till the above mentioned resistance is not crossed, it may drift back to 18100 levels. Strong support is placed at 17800 levels which should be a good entry point.
RIL is consolidating in the 935-955 band for past 2-3 days. A breakout above the range would be a major decider for the broader markets.
On the individual stock front,
Sun Pharma, Suven Life sciences, GVK, mentioned earlier made quick bounces to the target limits.
Suzlon mentioned last time has not given a break-out and hence should be avoided.
Titan Industries is a negative divergence with RSI. (bearish). The stock should be avoided.
Since its a trending stock like Hindustan Zinc or Sun Pharma, it could test the trendline support in a few days.
Pidilite Inds: Pidilite has given a breakout from the downward sloping trendline after it broke of the 150 levels in mid-April. It has retested the breakout levels two times and seems to have made a good support there. Refer to the chart for price specifics.
RIL is consolidating in the 935-955 band for past 2-3 days. A breakout above the range would be a major decider for the broader markets.
On the individual stock front,
Sun Pharma, Suven Life sciences, GVK, mentioned earlier made quick bounces to the target limits.
Suzlon mentioned last time has not given a break-out and hence should be avoided.
Titan Industries is a negative divergence with RSI. (bearish). The stock should be avoided.
Since its a trending stock like Hindustan Zinc or Sun Pharma, it could test the trendline support in a few days.
Pidilite Inds: Pidilite has given a breakout from the downward sloping trendline after it broke of the 150 levels in mid-April. It has retested the breakout levels two times and seems to have made a good support there. Refer to the chart for price specifics.
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