Thursday, July 14, 2011

LEVELS TO WATCH

SENSEX : extremely over sold STOCHASTIC and support level of 18323 worked for SENSEX to have a relief rally.
The GAP is not yet filled and SENSEX closed again below 200 DAY EMA and even the 5/8/13 DAY EMA band has turned down if this band generates a SELL CROSS and then if SENSEX closes below 18323 bears may take control of markets.
For BULLS to have their say SENSEX need to have a close above  18680 and 18844.

NIFTY : for NIFTY  too the GAP is not filled yet and it is a second day close below 200 DAY EMA also as in SENSEX the 5/8/13 DAY EMA band has turned down and if NIFTY can not recover by today or tomorrow we will have a sell cross from this band even ADX has turned down sharply .
NIFTY has to close above 5601-5652 levels for further up move to happen and we believe that below 5496 bears will have their control so as of now we will have to wait watch where the market wants to go.


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