technical view today

 i mentioned about trading range yesterday which was broken in the early morning so turned out to be a significantly bearish day.

 all our pre market sell calls worked as the downfall was well anticipated when we pointed out the flat and weakening rsi which actually was in a buy mode as on yesterday but today it has given a sell cross.

For today sensex is near to 50% retracement support level of the last leg of rise which is 19579 and its 89 day ema is at 19498 last and important support is 61.8% retracement which is at 19427.

So ideally if this fall is only a correction to the last upmove it must bounce back from these supports and give a decisive close in a day or two above 19876 to confirm a higher bottom on daily chart.

For nifty the expanding structure proved to be a much stronger resistance then for the sensex and nifty made an exact low at 5878 which was mentioned as support yesterday it is still their as support another important support/target for nifty is 5838 which is 61.8% retracement of the last rise and its 89 day ema is placed at 5861 so watch these levels as support.

The roc is bact below zero giving a sell call again and if there is no significant bounce back happens by this weak end we expect nifty to atleast touch previous lows around 5700 in an effort to make a double bottom around their.

For any meaning full upside now and thus to confirm any higher bottom formation nifty need to close above  5955 and 6001.