Sensex: crossing Tuesdays high was a technical level booster move for sensex and then there was never stopping for sensex for yesterday and it has been able to closes at the days high suggests that a correction if comes will be a good buying opportunity for a few days.
Readers must remember that even in a medium term downtrend we had projected higher sensex almost exactly at the bottom day when we said in our last weekly technical view that the 89 week ema for sensex will be a very good support level and that is what has happened through out the current week.
Sensex should reach 18583 first and should correct from there and after looking the shape and structure of the correction if we get a buying entry again sensex may resume upward movement where in it will have another target of 18980.
Nifty: for nifty our support level was 5450 and we said that once nifty crosses 5507 it will reach 5565 and today itself nifty high was around 5550 once 5507 was crossed.
On the Monday morning after just one days upmove we predicted 5564-5625 in our weekly technical view for nifty as we found a bullish falling wedge structure on eod charts of nifty and in just four working days nifty touched 5553 yesterday.
There is a very good strength in this rally but it will soon start facing selling pressure around 5583-5614 level and now it has strong support at 5507 level.
No comments:
Post a Comment