SENSEX : in our morning technical view yesterday we mentioned clearly that a bounce back is expected which happened through the day sensex climbed up 372 points responding to the extreme oversold condition of momentum indicators and supports at near 89 day ema we expect the recovery can continue until sensex does not breach todays low which is 19641 the 13-21 day ema had given a sell cross and the whole band of 13-21-34 day ema is placed in between 20148-20232 and the 50% Fibonacci retracement level of the recent fall is at 20296 so in our view these sensex levels are very crucial resistance levels and are difficult to get crossed with ease so watch any weakness below 20300 and if that weakness converts in to an daily downward reversal candle pattern we will have to be very cautious in buying.
We presume any weak rise should be only to exit longs barring few intraday buying trades as per our intraday technicals and in a few days we will have to watch short term indicators reaching higher levels also.Nifty : resistance 6047 /6104 supports :5905 /5863 /5841
Yesterdays move in nifty looks a little bit stronger looking at the expanding structure drawn on nifty chart the expanding structure was clearly broken on closing basis but in a single day nifty has again entered in to the structure.
Nifty has strong supports at 5841/5815 and resistance at 6047/6104 so we do expect nifty to remain in this zone for some time and a decisive close especially a decisive weekly close beyond this zone can bring another big move on either side in the near future.
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