Up move continues with force and SENSEX has now given two CONSECUTIVE close above 200 DAY EMA which is good sign but nowadays even this very highly popular average too seems to have lost its IMPACT that it was to have in early years.

AS on the month end yesterday the SENSEX has formed a HAMMER candle pattern which clearly suggests support at 17300 and it confirms our view that till we find any severe weakness at highs we can think of BEARISHNESS only below 17300.

19013 IS THE LEVEL TO WATCH ON TODAY.

Now onwards a close below 200 DAY EMA and below 18725 ONLY can bring any correction.

NIFTY :

TWO CONSECUTIVE CLOSE ABOVE 200 DAY EMA. SUCH ONE WAY RALLIES ARE SUCCEPTIBLE TO EQUALLY STRONG DOWN MOVE SO, A CORRECTION WOULD BE "HEALTHY" FOR NIFTY .

But now onwards we should think of any correction only on a close below 5605 and more so BELOW 200 day EMA .

If NIFTY continues its upmove even beyond 5659 that it can have further upside target 5716.

It is a very very good follow up CANDLE this week in first four days after last weeks candle with long shadow and even on monthly charts it is a HAMMER candle pattern which suggests a strong intermediate  BOTTOM at 5177

5605 ,5555 and 5496 are support levels for NIFTY for coming days.