SENSEX :It was yet another GAPPED DOWN day SENSEX tried to
fill up the gap but got resisted at the GAP and than tanked heavily reaching to the
august lows again.
16200 was our resistance level for the day and SENSEX could
not breach that.
15745 was the SENSEX low which was a shade below 15765 and
SENSEX has closed above both these lows but the GAP between 16290 and 16404 is
very crucial hurdle and as SENSEX has not closed below 15765 if SENSEX closes
this week above 16404 there can be another up side possible.
For today 16056 is a resistance to watch.
NIFTY : NIFTY went down to the august low of 4720 as per
expectation as it made a low of 4725 .
NIFTY made a high of around 4880 which was the earlier
GAPPED DOWN level and was described as strong resistance and since last week we
were consistant in saying that if NIFTY closes below 4879 it will touch august
lows.
A good intraday bounce back from 4725 can take NIFTY back to
around 4830 where it will again face selling pressure and a close above 4839
can take NIFTY to around 4880 again.
But if as on Friday NIFTY closes above 4924 than
it can have further upside.
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