my views on Sensex

[adultvish]

BSE Reality Index

Perhaps the most weak index under current situation. violated the trendline support despite all efforts made by the investors and on 27th Jan 2010, also violated the parallel line support levels of 3450-3400. Likely to correct quite sharply towards 2850-2900.

 

[adultvish]

The SenSex has violated its trendline support on 22 Jan 2010 and the closing of 27 Jan 2010 supported this fact. Fibonacci correction levels are

38.2% = 15400
50% = 14700

In view of the sectoral view, I am expecting it to correct at least 38.2% (15400) which can easily go down till 14700 levels of 50% correction. Hence, I have squared off most of my long positions and the remaining will be squared off in coming days so as to grab the opportunity of entering long in the market at reasonable levels.

 

[adultvish]

The metal Index is expected to have maximum decline; and it is also the most volatile and speculative sector. There are 15 scripts in BSE metal index of which Tata Steel has the maximum weight.

The script is still in trend and maintaining the trendline support levels. It has apparently accepted the resistance level of 660, giving a double top bearish signal. The script closed at 585 on 28 Jan 2010 in NSE. It is expected to correct around 520 and 470 levels. The correction is very likely to be sharp i.e. within next couple of weeks. So one can try to accumulate it between these levels with due consideration to other facts like global scenario and sectoral levels.

 

[adultvish]

Sterlite Industry has closed at 765 on 28 Jan 2010 in NSE. The script has violated the trendline support on 21 Jan 2010 and, thereafter confirming the downside movement day by day. the support levels are 735 and 675 respectively which are likely to be tested in coming days. 675 is expected to be strong support level; hence one can try to accumulate the script between 690-680 with due consideration to other factors as well.

 

[adultvish]

Jindal Steel and Power

Trendline support has been violated and tripple top has been accepted. The script is likely to correct sharply towards the levels of 570 and 520. the script closed at 649 on NSE on 28th Jan 2010.

 

[adultvish]

Hindalco

The script closed at 148 on 28 Jan 2010 violating first trend line support.
The next support levels for Hindalco are 136 and 116 respectively. If the support of around 136 is not accepted within 1-2 days of testing it, the chances of its going below 136 to test 116 are quite strong.

 

[adultvish]

Steel Authority

SAIL
The script had a good rise since Nov 2009, after taking bull run from the levels of 155; but has surrendered to the resistance level of 265. closed at 219 on 28 Jan 2010. Support level of 205-210 are very crucial and if broken, the script may go down upto the levels of 165-175.

 

[adultvish]

Sesagoa

The script is still maintaining its uptrend support line. closed at 353.40 on yesterday.
support is at between 340-345 and at 290 levels.

 

[adultvish]

jsw steel

The script is still maintaining its support trend line. Closed at 990 on 28 Jan 2010 and strong support is at 905. Another support level is 750.

 

[adultvish]

Hind Zinc

HindZind
Closed at its support 1115 on 28th Jan 2010. next support levels are 1030 and 930 respectively.