SENSEX : SENSEX continued its downward journey but found some support at 18020 and one of our support was 18007.
The fast momentum indicator stochastic is on oversold zone again so we may see some sort of recovery or sideways movement for a few days and IF such recovery remains slow then the downward move may continue only.
The 5/8/13 day EMA values are 18258 /18353 and 18494 respectively so for a few days these will be resistance values for SENSEX.
NIFTY : NIFTY made a low of 5401 and one of our support was 5399.
Our markets are very DELICATELY poised and as the quarterly-yearly result season is near to its end now onwards any NEGATIVE NEWS will have significantly severe impact in the absence of any HOPE from the corporate front.
Level wise a close for nifty above 5460 and 5472 can bring in some corrective upside but as suggested earlier the 5/8/13 day EMA band will resist any upside and this EMA band has to give a BUY CROSS for any MEANINGFUL UPSIDE from this level.
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