SENSEX: there is no stopping to this SEVERE downtrend both our targets for SENSEX on the downside were reached.
As our advice was very very categorical and straight forward to SELL ON RISE we again feel satisfied being on the right side of the market .
It seems that 14900 around SENSEX level is coming very soon,we have certain good Fibonacci ratios and a falling channel support around 14900 so we will watch carefully what happens there.
NIFTY : we suggested SELL ON RISE even for NIFTY FUTURES when it breached 5089 and we had said in our weekly chart book that BANK NIFTY will decide the trend of the markets for sometime
we also projected targets of 8300 for BANK NIFTY SO banking stocks started the crash this time and took everything with them.
MEDIA will report there is blood bath on D STREET but we anticipated 15000 SENSEX level way back in January 2011,our next target is around 13000 .
4640 is one support level and as we have seen a PANIC selling got triggered yesterday BUT found support at 4640 our two targets were reached but we feel that 4538 is coming soon.
If NIFTY manages to close back above 4770 then only there can be some corrective upside.
More DANGER signals are coming from DOW JONES weekly chart as its present price STRUCTURE LOOKS very similar to the CHART STRUCTURE of NIFTY/SENSEX as in JANUARY 2011.