AKD TriggerShark Aug 27, 2013 Weakening Theme Below Minor Averages Short-Term: Technical profile remains weak below minor averages. With a nearby resistance around 23,224 seen capping any recovery attempt, the index can weaken further towards 22,301 — 22,260 levels. Ability to push back above 23,500 will be needed to alleviate the corrective / bearish outlook. Sell on strength! General View: All the ingredients (momentum, volume and market internals) for continuation of primary bull trend remain intact, sighting possibility for 25,000 and 27,270 — 29,039 levels. However, to ride this wave, investors should keep enough buying power for intermediate correction (wave 4) up to 20,924 — 19,057 levels —containing the 38.2% to 61.8% retracement zone of Jan’13 to July’13 rally. We find strong potential in ENGRO, PSO, PTC, SNGP, NRL, EPCL, FABL and BOP.
Posted on: Tue, 27 Aug 2013 06:29:52 +0000
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