SENSEX : SENSEX closed up by 72 points BUT the technical picture remains dicey and SENSEX will face strong resistance at the EMAS which are now placed around 18638-18768.
Also notice that the momentum indicator stochastic is now entering overbought zone so now onwards if we see SENSEX trading below 18367 it will trigger further downside.
NIFTY : as for SENSEX NIFTY also has not done anything in a few days time and these few days movement is a significantly WEAK follow up of the last Fridays strong bull candle.
There are strong hurdles for NIFTY on the upside in the form of SHORT TERM EMAS and also LONG TERM EMAS which are placed around 5650.
THE ADX has remained above 42 in last few days which CLEARLY suggests that the down side momentum IS INTACT.
If we see a close below 5502 it will trigger further down side which can drag NIFTY down to around 5340 levels.
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