Tech Trends - Nov 13 2006

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Tech View: Nov 8 2006

Sensex closed in Negative Territory down by 30 points with decent volume of Rs 4714 cr.

Choppy session continued for the 2nd consecutive day as Sensex opened with upside gap and made a new 'psychological' high of 13300 levels and slipped almost 150 points from the top. A minor correction was seen on On 5th day, which is a Fibonacci ratio.

Sensex has formed a Bearish candle with higher upper shadow pattern which shows weakness' in the current trend and could lead the correction upto 12920 levels.
To nullify the bearishness, Sensex must hold above 13270 levels for next two days. If it does then 13700 level could be possible but if it fails then there could be chance of 12920 levels.

Daily Strategy: - If opens up and hold below 13260 level then sell for the target of 12920 levels with sl of 13320 levels for the second half.


Support 1) 13120 2) 13020 3) 12920 imp 4) 12800 as part of triangle

Resistance 1) 13260 2) 13320 3) 13460

Tech Trends - Nov 8 2006

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Tech View: Up trend to continue!!

Sensex closed in green, up by 56 points at 13185 levels with decent volume of 4272 cr.

It was a choppy session on first day of week as Sensex opened with upside gap and slipped towards days low and again bounced back and managed to close in green.
It has formed a Body Gap up pattern which indicates the continuation in the up trend will remain as it is.
So far seen, Sensex has forming a Continuation pattern for last four days against 3 days rally started from 26th of Oct 2006 to 31st of Oct 2006 and maintained the important support of 12920 levels. This gives us a positive signal for the up trend. A small correction above 12920 levels on intraday basis but overall bias looks positive as long as Sensex hold 12930 levels.


Intraday Strategy :- if opens down and hold above 13100 level then buy for the target of 13260 level with sl of 13080 level.

JM MORGAN STANLEY - Daily Tech Trends - Nov 1

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