SENSEX TECHNICAL VIEW , BUY TATA CHEM TGT OF 200

Sensex Technical View :The short term channel continues to remain in place with the upper end target coming to around 10325-10500 zone roughly for this week. At the same time this coincides with the initial tgt of 9900-10500 zone to be seen once we start sustaining 9300. Also the index is closed to the channel line which resisted the last move. So only if we start sustaining above 10500 for more then 3-4 sessions do we open up to 11650/12500. But this possibility is still not in the picture. As per the time analysis after the 50 sessions of fall we see a counter phase of around 30-40 sessions and we are through 35 of it ( or say 11-12 weeks and 4-8 weeks) . So the timewise run is almost complete. Although a move out of this pattern for more then 50-60 sessions would mean a possible change in sentiments. Time wise analysis on short term duration may not be highly accurate but gives a fair idea. Ideal strategy would be to book profits in the zone of 9900-10500 and wait for some time and then take a fresh call. Stocks to watchout for :IDFC The stock looks set for a quick move if able to sustain above 72 levels. The stock has been battered like a pure infra stock but not seen a similar counter move . Chamble Fert If continues to sustain above 43 could see 50 odd levels also in short term. Gammon India , Bhushan Steel , Corp Bank etc and some other small cap stocks may give a bounce back in coming days but would be difficult to trade so not looking into them.

TATA CHEM (160)
Buy for a target of 200 with 143 as a stop loss.