SENSEX : sensex was suggested to be at resistance of 19700 and sensex high yesterday was 19697.
There was some selling pressure seen at higher levels again.
Market is establishing a trend in which it is reacting adversely to most of the major stocks AFTER they announce quarterly-annual results and the latest examples were AXIS BANK and RELIANCE.
Sensex has made a SHOOTING STAR candle pattern which requires strong bear candle to confirm selling at highs and to confirm short term trend reversal.
NIFTY : for nifty also resistance around 5915 has worked for two days in a row.
The short term momentum indicator stochastics is reaching overbought zone and adx is fast loosing its up side momentum so to keep the trend on the up side NIFTY has to close above 5945.
On the other side the SHOOTING STAR candle pattern is not a good sign at all so if the GAP is filled up and if we have a big down candle than the broadening structure will work which is bearish.
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