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Raghvendra Narendra Dhoot Group moderatorThe company name is only visible to registered members.Raghav’s Picks:- Weekly Technical Outlook for the BSE Sensex and NSE Nifty – 7th October 2007
BSE Sensex as on 5th October 2007 17,773.36 – Reuters – .BSESN
NSE Nifty as on 5th October 2007 5,185.85 – Reuters – .NSEI
Raghav’s Picks Sensex Volatility Indicator
Date Value
28-09-2007 – 235.45
01-10-2007 – 251.45
03-10-2007 – 275.91
04-10-2007 – 294.36
05-10-2007 – 310.45
Inspite of the over-brought nature of the market, the Sensex and the Nifty continue to look positive in the near term, though sharp intraday volatility will be an essential part of the markets movements, going forward. The wild intraday swings that we have been seeing in the last few days can be best described as a Quasi-Correction.
The next milestone for the Sensex is 18200, after which we could possibly see a corrective phase in the band of 17800-18200.I had observed last week that have been rising continuously on a week on week basis for the past 6 weeks. In the calendar year 2007, we have never had a week on week positive closing for more than 7 weeks in a row. So right now we seem to have hit the 7 week psychological barrier, and at this point it’s a 50-50 chance that this barrier will not be broken.
It is best advised to book profits in stocks/sectors which have run up ahead of fundaments such as Reliance Natural Resources, DLF, GTL Infra, India Bulls Real Estate and the some of the recent listings as well.
Keep some cash in hand to take advantage of buying opportunities which will come in with any correction of small/medium intensity.
The medium term target of the Sensex is now updated to around 20500 by March 2008 and the medium term uptrend will be broken only if we close below 16000.
For detailed market analysis, investment, trading calls and, advisory services with respect to investing in the Indian Markets, please mail me on raghav@raghavs-picks.com or use the personal message link:
http://www.xing.com/go/privatemessage/RaghvendraNarendra_Dho...
I’ll be back in Mumbai from the 8th to the 10th of October 2007.If you wish to meet me for a 1-1 dialogue to know more about how my services can be customized for your needs, then please mail me on mumbai@raghavs-picks.com so that the date/time and venue can be decided according to mutual convenience. This meeting will be without any obligations on either part.
Raghav @ Raghav's Picks
- 07 Oct 2007, 08:14 am
