i have been saying since quite a few days that sensex has to have a sustained up move and then a close above 19167 to extend the corrective up move to have some force.
Yesterday with banks in lead in early trades sensex crossed 19167 but found strong resistance at its 13 day ema exactly as we had said that in the up move sensex will find it tough to cross the ema band and our resistance area given in the morning was 19281-19488 sensex made a high of 19341 but failed to close above 19167 this will have strong negative impact and we advise traders that now if anyone wants to go long one must buy only and only after sensex closes above 19167.
Looking at the price structure of the last few days we feel the 200 day simple and exponential moving averages are under serious threat and should get broken in coming days.
Nifty :
For nifty we suggested resistance zone as 5779-5838 and nifty made a high of 5801 but i had clearly said that nifty must close above 5747 and nifty failed to do so as here too the 5/8/13 ema band proved to be a tough zone and a failure of nifty even to touch the 38.2% retracement levels is a bearish sign and once nifty breaks 5634 it will have downside targets of 5573/5512 within a few days.
Any upside possible only on a close above 5747
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