SENSEX-Index was making new high but relative strength (RSI) was not making new high on weekly charts so this is Negative divergence and this could be first sign of reversal.
Support @ 17400/17000, and
Resistance @ 18000/18200
CNX IT-
After the results of Infosys this index is also rising and touching new high but again relative strength index (RSI) was not making new high on weekly charts so this is negative divergences and this could be first sign of reversal.
See the Charts below:
1. Sensex Chart:
.JPEG)
2. CNX IT Chart:
MOMENTUM TRADING CALLS:
TATA STEEL
This stock is on the top of performance cycle and not sustaining above 700. It could start correction in this stock.
GRASIM
Again this stock is also on the top of performance cycle and closing below 2800 will take to 2690 levels.
ACC
From 960 levels I was bearish and now closing below 930 will take to 880 and 860 levels.
RANBAXY
Above 460 no problem! But closing below 460 will create panic to 400 levels.
RELIANCE IND.
Closing below 1070 will create panic for this stock will slide to 1020 levels.
NTPC
Closing above 215 will confirm rounding bottom formation and then price will hit 233 levels.
HIND UNI LEVER
Buy stop loss 218 targets 240 and 297. Inverted Head and Shoulder pattern to help.
