Wednesday, February 9, 2011

tech view 090211


Sensex :
Another downside target in sensex reached with some terrific bear onslaught.we have been quite consistant in saying that technicals are always ahead of fundamental and technicals suggested a major top way back in mid October 2010 at that time there was no indication of any fundamental weakness. Now as the markets have been in a strong bear grip analysts are talking about higher crude prices and higher inflation and the stronger possibility of further hikes in interest rates.
Watch 17625 and 17065 for sensex for some kind of a halt.
But strong resistance at 18180-18235-18542 for a few days strong downside momentum is confirmed with very high value of adx on daily chart.

Nifty:
Once 5373 was broken nifty straight away tanked to 5337 nifty tried to bounce back by an intraday up swing of 30+ points  but again that was only a short time halt and nifty closed at 5312.
Now 5268 is possible and even 5212 is perhaps due which is the value of 89 week ema for nifty as on today.
Any upmove is possible once if nifty closes above 5416-5445 but very strong upside correction only after nifty closes above 5527.
Just a reminder to our readers that we had clearly advised everyone to exit longs in our annual meet in early January and small cap and mid cap index are down by 15% since then.

1 comment:

Anonymous said...

Great Views, But where do you see a trend reversal? and I would like to know where was your so called Annual Meet held? Can any one attend your Annual meet?