Sensex:
As mentioned yesterday it was a volatile day but at the close it was nothing noticeable except that sensex found resistance at 20006 and this was one of our exact resistance level.
This area is proving tough for bulls and banking stocks got hammered even today in late afternoon trades ,so resistance area and weakness in banks these two are major hurdles in coming days for sensex.in any case it will be decisive for bears if and only if sensex can close below 19540 on any day and a close above 20056 can prove good for bulls so the range is becoming smaller now.
The overbought stochastics on daily chart is a matter of concern for bulls.We mentioned here one important resistance level for nifty was 5985 nifty made an exact high of 5985 and found some heavy selling pressure from there .
Here again as mentioned earlier a good close above 6028-6088 will prove bullish and now a close below 5855 will prove good for bears although it is entirely possible that the sideways move may continue for one or two days more and than a gap opening will decide the future course of movement.
The roc on daily chart is in sell mode and it is a clear concern for bulls
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