AKD TriggerShark Sep 04, 2013 Corrective Mode —Sell On Strength Short-Term: Expect weakness towards 21,497 level with immediate resistance around 22,024 and 22,149 seen capping any recovery attempt. Additional pressure would expose 21,330 and 20,924 levels. Near-term theme remains corrective below 22,350 level. Sell on strength! General View: Easing weekly momentum data coupled with a double-top pattern precursors intermediate correction ahead. This can potentially drag (wave 4) the index down towards 20,924 — 19,057 levels where it would enter the 38.2% to 61.8% retracement zone of Jan’13 to July’13 rally (16,036 to 23,946). However, such correction will not reverse the course of primary bull trend, keeping the long-term trajectory intact for 25,000 and 27,270 — 29,039 levels. Investors should keep enough buying power to capitalize at such correction. We find strong potential in ENGRO, PSO, PTC, SNGP, NRL, EPCL, FABL and BOP.
Posted on: Wed, 04 Sep 2013 07:05:07 +0000