markets after friday

As stated on Thursday, the sensex needs to close above 15180 and closer to 15242 to keep up the buoyancy; the markets did close near 15242 at 15240.83. In simple words it just means that we are still on the right track and retain the rights to be bullish.

Stocks like Hero Honda, as expected on Wednesday, bumped up to the levels of Rs1412 which was stated in the blog that discussed the close of Wednesday. It was also said that the stock will resume strength once it crosses Rs1420/-, which actually happened. Now the stock is quoting at Rs1480/- which is very close to Rs1476/- its important resistance level. Also, this high is lower than the previous high. So, keeping everything in mind, we still need to wait for a day or two to see what actually happens. Remember, it is better to lose some gains rather than losing capital.

In the stock Aban Offshore, there is a mistake that I would like to correct here. The correct level to watch out for is Rs1196/- and not Rs1146/- and we shall take Rs1200/- as an approximate level. Close above Rs1200/- will trigger a very bullish signal. But then this might take a week’s time to happen and during this time, it is quiet possible that the level of Rs1196/- be retested once and not breached decisively.

HCL Technologies
The stock managed to gain a lot of lost ground to close at Rs279/-. But a key concern is that the stock is quoting near its resistance of Rs281.75/-. So, wait to see, what happens next. Do not just jump into the stock. Wait for clear signals to take decision.

LITL is moving towards its target as stated in the blog posted on Thursday.


On the nifty chart, the short term moving average has crossed 26DMA from below. So, also there is a chance that the markets may now start gaining momentum.

There is at present no signal to buy on the stocks that I keep a watch on.

Will let all know as and when it comes.

Disclaimer:-
1) I do not trade personally in the stock market now.
2) Any loss suffered by the reader on the basis of above information provided does not hold the writer liable for it. Any decision to take a trade by the reader on the basis of information provided above is at his/her discretion