SENSEX: SENSEX from the open itself could not cross yesterdays close and continued its downward journey and closed near to ouR first down side target of 17826 which was given a few days back.
We suggested in our daily technical view on Monday that a move below 18218 will be bearish and infact SENSEX closed way below this level so it is heading towards the 78.2% retracement level at 17826 soon.
Strong resistance will be 18218 and 18269.
NIFTY:
NIFTY opened lower and could not cross Fridays high and sustained below 5450 for the first hour without any serious effort of a pullback and closed down heavily leaving aside any hope for up side correction.
We had advised every one to remain in cash in mid april when NIFTY was trading around 5950 and we hope that small investors traders could have benefited from it.
As suggested in our WEEKLY CHART BOOK this week and ESPECIALLY the month end is going to be very crucial as if NIFTY closes this week below 5340 it will open floodgates on the down side towards our targets of 5177 and 4850.
NIFTY OPTION : {5400 PUT } WITH SYSTEM.
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