Sensex breaches support at 16000
As indicated in our previous post, the market has given way to the bears and breached the psychological support at 16000 on tuesday 2nd June 2008 and closed at 15,962.56. Catching the bear trend, sensex futher lost around 500 points and closed at 15,514.79 as a result of petrol price hike announced by the Govt. today. The breach of support at 16,000 would see the next stop only at 14,750.00 according to the support levels available on the daily price chart of Sensex. Hence it is advisable to wait and watch till sensex settles at around 14,750 to make further purchases.
As indicated earlier there are strong signals of bear trend to continue as the support at 16000 has broken. Unless the market bounces rapidly to break the resistances at 16,000, 17,000 and 19,000, there are no clues for the bullish run in the near term.
As indicated earlier there are strong signals of bear trend to continue as the support at 16000 has broken. Unless the market bounces rapidly to break the resistances at 16,000, 17,000 and 19,000, there are no clues for the bullish run in the near term.
Labels: bse-index, sensex-forecast
posted by TrendCues.com @ 5:22 PM
1 Comments:
At June 20, 2008 4:33 PM ,
www.ShareTipsInfo.com Team said...
Dear Visitors,
This blog is really nice and informative. We are pleased to know this blog is really helping people. Its our pleasure to post informative content on this useful blog created by webmaster.
Today that is 20-June-08 Inflation data has broken the records of past 13 years. Today declared Inflation was 11.05% which is too high. From last one month market is in no trade zone. Everyone is feeling pain from market response.
Just watch
The Sensex has lost more than 27% since its January peak, and trading volumes are down 46%.
Investors has lost there 70% of portfolio .
But still we say there are many undervalued stocks which can be used for investment.
To name few
1. DIGJAM
2. SBI
Most of the stocks are trading near to there 52 weeks lows. There are many fundamentally strong scripts too that are trading at lower levels. One can buy and hold them.
Nifty is expected to correct bit more and after that we can say market will be bullish. As this correction was overdue reason being if we observe in past months speculated stocks whose fundamentals are zero has also shown tremendous upward rallies in the market and now again they are trading at there real values. But still investors are trapped in them and no one is sure those scripts will ever reach those highs or not.
Stock market is a ocean where there are many pearls ( here scripts) so one need to select the best one. We strongly recommend if you are not intraday trader but investor then do go through company fundamentals and then invest.
For any query feel free to contact us.
Regards
SHARETIPSINFO TEAM
+91 9891655316
+91 9899056796
+91 9891890425
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