TECH VIEW

SENSEX:SENSEX bounced back even before reaching the 61.8% retracement levels after a BIG opening GAP on the downside and it was a dramatic recovery

The BREAK DOWN could prove to be a false one if SENSEX again closes above 17002 for second day in a row today.

Such moves can be called as BULL TRAP as weak bulls liquidates longs as the markets breaks below certain crucial levels

The LOWS around 17003-17084 should have worked as resistance but if SENSEX closes back above them and sustains above them for one or two more days it can again target the upper range up to 17436.

NIFTY: for NIFTY as we look at the EOD CHART the price pattern seems to be like a PIERCING CANDLE PATTERN which is a probable reversal pattern

Also the zone of 5154-5183 for NIFTY had supported it when it was in a narrow range and as on last FRIDAY this zone was decisively broken

Now if the break was a false one NIFTY will soon move & sustain above 5154-5183 levels and a CLOSE today above 5183 will be a good confirmation of a bottom at 4993.

IF the fall from 5629 to 4993 was ONLY A CORRECTION NIFTY will have to close above 5276 by this week end.