Weakening Theme Short-Term: Weakness prevailed for the fifth straight session exposing the 55-day average (22,616). Continue to sight possibility for further pressure towards 22,301 — 22,260 levels, with immediate resistance around 22,856 — 22,925 and 23,224 seen capping any recovery attempt. 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: Fri, 23 Aug 2013 04:13:13 +0000
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