SENSEX : SENSEX closed down by 146 points yesterday.
There were three TECHNICAL EVENTS happened yesterday.
First SENSEX opened with a GAP at almost the same level where it left a BULLISH gap on 26th may second SENSEX closed the GAP during an intraday spike after RBI policy announcement and third SENSEX closed below the EARLIER gap.
All these leads to confirmation of a strong bearish trend in our markets.
Our advice to traders is to sell every rise with strict stoploss at 18725 as now our two downside targets have been opened up one is 17300 and next 16200.
ADX has turned up to around 21 on daily chart and above 25 on weekly chart so now we have downside MOMENTUM as on weekly charts.
NIFTY : NIFTY made a low of 5389 and our last hope based level for NIFTY is 5387 but NIFTY has given a decisive close below 5432 which suggests the MOMENTUM is quickly shifting towards downside.
We have been repeatedly saying that for any bullishness 5605 was the major hurdle and for this week we had suggested a lower level which was a close above 5521.
NIFTY failed to close above 5521 and failed to cross 5605 since last 11 working days and now it is clear that the small upmove from 5332 was ONLY a LOWER TOP and not any kind of RIGHT SHOULDER.
ADX reached 21 on daily chart AND is above 25 on weekly chart so momentum is now shifting on downside.
Trading strategy should to sell at any rise and sell more below 5387 and 5332 for down side targets of 5177 first and 4848 later.
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