Wednesday, March 9, 2011

LEVELS TO WATCH 090311


Sensex: sensex successfully closed the unfilled gap of yesterdays open and Fridays low which should be considered a positive technical factor for the short term.
But the overall scenario remains more or less sideways unless and until the NECKLINE of the supposed DOUBLE BOTTOM pattern is crossed.
For today sensex has supports at 18277 and 18058 and has resistance at 18603 and 18737.

Nifty:
The gap that we mentioned about yesterday has just been filled yesterday a sustained move above 5525 can further take nifty up to 5567 and 5603 and these are resistance levels also.
On the down side nifty has support at 5473 and 5408 and for the BEARS to have their control again nifty has to close below 5408.
The ema band as shown on chart has turned up and prices have closed upon this ema band but we need to watch the BUY CROSS and the NECKLINE on nifty chart to confirm higher levels.



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