SENSEX:finally SENSEX has given a close above one of the
important resistance level 17436 was a LOW of an earlier BEARISH GAP day so
that GAP hurdle was proving as a strong resistance
SENSEX needs to remain above 17436 for one more day at least
and it would be a better confirmation of stronger bottom around 17000 if SENSEX
closes above 17667
Today being the time of a WEEKLY CLOSE if SENSEX closes
above 17667 today it would also be a good weekly close.
NIFTY:5306 was the STRONG RESISTANCE level and today once
NIFTY crossed that 5306 level even in intraday corrections it was not going
below 5306 as in intraday down moves NIFTY was supported by PHARMA AUTO &
FMCG stocks
A strong close above 5338 today will be a good close on
weekly basis too.
Our special TECHNICAL COVERAGE of different sectors in
January 2012 has been proven very much on track as stocks like TATA
MOTORS/RANBAXY/ITC/HUL/DIVIS LAB/DR. REDDYS/VIVIMED LABS etc have remained very strong PERFORMERS as in that report we
clearly said to buy these three sector stocks on every dip.
A weekly close above 5306-5338 will be very good as NIFTY is
also forming a BULLISH ENGULFING candle reversal pattern on weekly charts.