Sensex : sensex made a low of 17892 which is nearly 78.6% retracement of the last leg of up move and more importantly it is exactly at the rising channel support line this channel development was suggested in our earlier technical views.
We STRONGLY believe that next 2-4 days will decide the future of markets for the month of april -2011 if sensex remains here in a small range below 18329 we will see February lows getting broken in the month of april and if sensex closes above 18329 and then 18463 there can be a smart 1000+ points rally in sensex in the month of april 2011.
Nifty:
For nifty the most important trend decider level should be 5537 but a positive trigger can come if nifty closes above 5483 and as suggested in sensex view next 3-4 days will surely decide the future of nifty move for the month of april.
A dull and sideways move especially below 5483 or maximum below 5537 with higher shadows in eod candles for next few days will suggest some more bad news coming especially on oil front and on the other hand a strong close above 5483-5537 will cheer bulls for the month of april
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