Monday, October 26, 2009

A breakdown: Sensex, Hindalco, Suzlon, Maruti!


Our preferred view on Sensex is down!
More negative confirmation will be obtained on a move below 16600
It is plausible to count move up in Hindalco to be complete in a Z wave
Prices broke below mid channel line support
We do not rule out the possibility of prices retesting the highs of 144.50 but a break below 132 will increase our negative bias
USD/JPY prices rallied more than 3 percent in less than 3 days, a sign of Dollar strength
One can initiate short position on Hindalco only once it breaks below 130 levels
Suzlon - A strong breakdown! This indicates more downside possible

Maruti 29 day Cyclicality and Left translation suggests further weakness to come in the stock. We expect a trendline break!

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