SENSEX : supports worked for SENSEX but for intraday only as the GAPPED area proved to a big HURDLE.
AS suggested earlier the structure remains positive until the low at 16443 is broken on a closing basis and yesterday too the support zone worked at the closing.
The STOCHASTIC is fast approaching the oversold zone so if even today SENSEX remains above 16443 on closing basis there will be a fair chance of an upside move.
a close above 16766 WILL be good for short term.
NIFTY : NIFTY too found RESISTANCE at 5046 area where NIFTY FUTURE made a high of 5040 but reversed the up move with a very severe down move up to the low of 4903 and remember that even on Monday NIFTY FUTURE made a low of 4902 so once again NIFTY found support at the same level.
TECHNICAL ANALYSIS completely depends upon markets action in terms of PRICE and PRICE BEHAVIOUR suggests that our markets have started to deviate from the world markets since three weeks and if NIFTY closes above 5046 we can have a sharp rally on the upside for the short term atleast because even after dismal IIP DATA our markets have found support at 4927-4915 levels.
Remember that there will be nothing positive if NIFTY closes below 4890.
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