The Sensex reached new high last week. How long it will stay there or will it make a new high soon are the questions in traders and investors mind. The answers are , the long term trend is bullish but in short term, profit booking will trend market lower. Also it is now trading in overbought zone and may come down sharply. Sensex has support at around 20450 let us wait and see what happens at this level. It is not a time to buy, waiting will be good strategy.
Buying can be stock specific. Strides and STC India has good inverted head and shoulder pattern which will give good rise, short or medium term profits will be considerable. IRB infra also will be good short term trade opportunity.
Wishing you all a happy and profitable new year,