SENSEX : after initial rise in the morning SENSEX started to plunge and continued to give a DECISIVELY BEARISH close below an important support line and crucial earlier lows from where it was finding supports.
17824 is now next target and MINOR support for SENSEX and any short term rise will prove to be short lived.
A WEEKLY close below 17824 and a monthly close around 18000 will be EXTREMELY bearish.
NIFTY : MY observation of “NEGATIVE MARKET REACTION” to the companies announcing result continued even yesterday as markets reacted in an extreme NEGATIVE manner as sbi plunged by more than 8% in a single day.
5340 is the next target for NIFTY and a minor support too and any rise from here should remain weak and can be used to create further short positions and as on today our SAR ,”STOP & REVERSE” remains at 5605 on closing basis.
All depends upon NEGATIVE monthly close but if any rise from 5340 around remains weak then next targets will be 5177 and 4850.
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