SENSEX : A correction was anticipated from around
17200-17300 and SENSEX made a high of 17191 in a GAP UP open and corrected by
closing 57 points down.
Watch the SPEED of a due correction is the key word now.
16510 is the good support level and we will have to wait for
the STOCHASTICS to enter oversold zone again .
NIFTY : NIFTY made a high of 5160 in between our target of
5156 and most crucial RESISTANCE of 5177 as NIFTY found support at 5084 we have
to watch 5084 today as below 5084 NIFTY has supports well down at 5034.
This phase of markets may be a distribution phase only with
a broad 500 points of range. it could be a " DOUBLE BOTTOM " or it
could be even a " RECTANGLE ".we will have to wait for some more time
to see the actual pattern unfolding.
All depends upon the speed of correction which may have
started in line with our expectation and if the correction ends above 4964 it
will be a good buying opportunity for the short term.
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