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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