Cross-Road Short-Term: Previous two diminutive candles display minute consolidation under recent peak of 23,946 level —Neutral. Relapse below yesterday’s low 23,439 can seek cushion within 23,310 — 23,224 levels. Violation of the said support would be seen as a deteriorating sign for weakness towards 22,925 and 22,302 levels. Needs to surpass 23,825 — 23,946 to refresh the bullish momentum towards 24,941 level. Trade with tight stops defined. 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 room (buying power) for any drawdown up to 20,870 — 19,300 levels —coinciding with the lower cloud support. We find strong potential in ENGRO, PSO, PTC, SNGP, NRL, EPCL, FABL and BOP.
Posted on: Tue, 20 Aug 2013 04:28:31 +0000
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