SENSEX : SENSEX continued its down ward journey and filled the first gap and closed just above it .
On daily chart the candlestick looks like a HAMMER but not an ideal one although the LOWER SHADOW indicates some support at lower levels also we have noticed A DOJI and A STAR candle patterns on other indices daily chart so over all the picture is a little bit indecisive with NEGATIVE BIAS.
WE may see some bounce back from near the second GAP today or tomorrow and SHORT TERM FUTURE depends upon the supposed upmove from GAP supports if at all a bounce comes.
Ideally any WEAK bounce upto 19000 should be used to create shorts BUT we will decide that later.
We now have two consecutive close for sensex below 200 DAY EMA a third close today will be BEARISH.
NIFTY : for NIFTY the all important support is the GAP at 5483 and if we see a NIFTY close below 5483 there will be VERY LITTLE HOPE for the NIFTY for the short term.
There is a fresh SELL CROSS from the 5/8/13 day EMA and the ADX has started to move up strongly which suggests SIGNIFICANT down side momentum.
If any bounce back from supports gives NIFTY a CLOSE above 5/8/13 DAY EMA band then we will have to think about the further more upside.
Especially if NIFTY closes above 5694 on any day.
1 comment:
Thank you brother for your timely Alert went on 100% cash and If I was on investment must had ost 25% or more so far Please post reversal point too on time so all of us can get max use of that Thnx again
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