Wednesday, March 21, 2012

TECH VIEW 210312


SENSEX: there  is no change in our view as SENSEX did nothing as such at CLOSE.
The GAP is filled in but SENSEX  has closed ABOVE the GAP once more
For two days we now have two more levels to watch ABOVE which this DOWNTREND can reverse it self these are 17410 and 17562 so if today SENSEX can move strong above 17410 for an hour and than can close above 17562 we can see a new uptrend.
SENSEX has been taking support at 200 D EMA and at BULLISH GAP so once it closes below the GAP it will move towards 50% and 61.8% retracement levels.

NIFTY : NIFTY also has support at 200 D EMA and at the BULLISH GAP at 5242
The BEAR EFFORTS to breach the GAP has not worked since last two days almost around 5200 NIFTY is also getting support from its 200 DAY EMA so for the downtrend NIFTY MUST close below 5238
On the upside if NIFTY stays above 5300 for an hour we can a short term TREND REVERSAL but NIFTY will have to close above 5340 for that.



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