2. One has to be careful in such type of euphoric market as all the recommended stocks gave more than 20% returns in a single day. The best money would have had been made by the man who would have had entered in a straddle strategy as discussed by me in my previous posts. We may see an upmove on 20 May and thereafter one can be cautious. Sensex support exists at 13500 with resistance at 14452-16046. Nifty support exists at 3999 with resistance at 4305-4650-4775.
3. A question arises that should one call this rally as a real rally; however the truth is that one has to take a decision with caution as the volumes may not support the same both in the cash segment and F&O segment. Thus one may not be able to make any pragmatic decision based on the charts for technical analysis as these are irrational behaviour of the market based on euphoria and lacks any depth.
4. As an advice get out of the dud stocks and stick with recommendations as suggested yesterday as it is no point seeing the charts and finding new trading opportunities. If one can trade with given levels with yesterday tips, please go ahead with given stop loss else enjoy with money made in the stock market. As an advice do not carried with bulls wo are making indexes trade at irrational levels and our technical analysis of charts suggest us to wait and watch for the euphoria to settle down. However to make it a bit easy for the traders keep following stocks as an investment with deep stop losses
(a) Praj industries can target levels of 89,98,104.Hold sl 60.9
(b) Adlabs aboe 251 on closing basis and weekly basis can touch 300,317 levels with stop loss 199
(c) Hindalco is in uptrend and can thus target levels of 80, 90 with stop loss 64.
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