SENSEX : for SENSEX 17300 was our target and a support and after the huge SELL OFF on Monday now it seems that the support has worked atleast to halt the bear onslaught.
How long bulls can fight up ?
As long as 17504 is held and as long as SENSEX remains above 17296 on closing basis we may witness such bounces from lows happen.
The STOCHASTIC has turned up from its EXTREME oversold zone we will have to be very careful as it reaches to overbought zone.
AS said earlier SENSEX needs to have a close above 17786 it can produce some more upside for short term.
NIFTY : for NIFTY we have a support level of 5254 AND yesterday NIFTY made a low of 5261 and bounced back BUT the upside was halted at our resistance level only which was 5328 and NIFTY made a high of 5330 and closed lower.
On intraday basis as long as 5254 is held and on closing basis as long as 5177 is held EXPECT some relief rally .
Today if NIFTY sustains above 5331 for 5-10 minutes one can go long for a rally of around 50 points from there.
NIFTY can reach 5380 and 5409 if it sustains above 5331.
It is MARKETS PERCEPTION that when a level becomes KNOWN TO EVERYONE it defies to reach there easily in our case it seems NOW that every street trader KNOWS that 4800 is due for NIFTY so MARKET will not let it happen TOO EASILY.
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