SENSEX : as suggested it was EXTREMELY volatile and in our markets volumes have dried up these days so volatility with low volumes will be here to stay.
A bounce back was expected and it came although there does not seem to be a very percentage participation STILL we will watch the strength of the rise for a few days especially today being the last day of the week so todays close will be important.
Level wise SENSEX need to close above 18218 first which is the value of 13 DAY EMA and one recent HIGH but to collect strength SENSEX need to have a close above 18429
NIFTY : 5340 was our first target and an IMPORTANT support in the form of 78.2% retracement and the 89 WEEK EMA also at this juncture MOMENTUM indicators are in oversold zone so we expected some bounce back and that has happened.
For more strength NIFTY need to sustain above 5421 and THEN it needs to have a close above 5460 .
Please note that 5458 is the 13 DAY EMA VALUE as on yesterday AND for a bigger up move NIFTY need to close above 5521 and if this happens by Monday it will be a very good sign.
Do remember that weekly close today and monthly close on Tuesday is very very crucial for our markets.
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