Monday, May 2, 2011

LEVELS TO WATCH


SENSEX :  Friday was the fourth day on which SENSEX closed lower it also closed below 19171 but as suggested once it closes below 18976 it will be a “lower top “ on DAILY chart so we will wait for that confirmation in a few days.
The 5 /8 day EMA has given a fresh sell cross and ROC went down below ZERO sharply which is BEARISH.
And for any upside SENSEX has to close above 5 day EMA values at 19321 and above 19412 which is one important low.
Looking at the oversold STOCHASTICS SENSEX may try to bounce back or stabilize here for a few days.

NIFTY :  for nifty 5781 is the value of five day EMA and 5819 is one important low and NIFTY has to close above these levels for some strength.
On the down side 5697-5649 is the MOST IMPORTANT zone of supports as a close below 5697 will confirm a LOWER TOP for NIFTY on daily chart.
If nifty remains range bound below 5819 for a few days the 8-13 day ema will also give a sell cross which will be bearish.

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