Sensex :
Sensex is now entering a very important phase as far as its short term daily chart is concerned and in our opinion it can now enter a bullish phase only in two conditions one is the close above 20217 -20300 immediately in a day or two and second possibility will be a strong bounce back after its stochastics indicator nears the oversold zone till than sensex must remain above 19554 on closing basis.
But after detailed study of other indices like bse-power,bse-reality,bse-bankex,bse-psu,bse-cgs,bse-100 which are making some sort of distribution patterns after the heavy sell off in November-2010 we feel that sensex may remain sideways for few more days and then after breaking 19554-19321 it may crash further.
In our opinion this area of 19554-19321 is a trend decider zone for medium term for sensex.
Nifty:
For nifty too a few days and especially next week will be very crucial.
So many time charts patterns develops at such crucial time like this as next week will be settlement end time ,it will be month end and the December quarter end too so next week close will have its impact on all time frame charts and in such a time nifty on eod charts is placed from where it can move fast in either direction in a big way.
Bullish possibilities are intact till 5854 is held on closing basis and there will be severe bear phase again if after a brief correction in 2-3 days nifty can not move up in a big way and cross 6028-6088.
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