Friday, May 18, 2012

TECH VIEW


SENSEX: SENSEX continues to produce rallies but all rallies are being proven CORRECTIVE and limited for intraday only
There is still no sign of any TREND REVERSAL and as shown on the SENSEX EOD chart all rallies from now on till around 17000 should be termed as CORRECTIVE only.
For the very short term TRADERS a SENSEX move above 16219-16240 will be an ENTRY point to go long
15664 is one important LOW on the down side if SENSEX breaches 16002.


NIFTY : for NIFTY 4913-4939 becomes a TOUGH resistance area and if on any day NIFTY sustains above 4913-4939 day traders can go long for an upside target of 4973 and 5039.
Any up side rally should remain CORRECTIVE only till the levels of 5131-5171 in coming days.
4758-4768 is an earlier bullish GAP SUPPORT if NIFTY breaches 4801 and on a close below 4758 NIFTY has support at 4686.
BOLINGER BAND expansion on weekly chart of NIFTY is also negative


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