SENSEX:RESISTANCE works and converts the buyers in to
sellers
Remember that I had suggested the levels of 16920-17120 as a
STRONG RESISTANCE ZONE since long.
The CANDLE PATTERN called an EVENING STAR which is a STRONG
REVERSAL pattern more so because it has developed from the HEAVY SUPPLY ZONE of
16920-17120.
As can be seen on SENSEX chart SENSEX also got RESISTED at
200 DEMA and 200 D SMA now watch the support zone of 16544-16494 in next
two/three days
The move started from yesterday will be a small mild
correction if SENSEX does not close below 16544-16494 but a close below 16494
can put the last upmove in real danger
NIFTY : for NIFTY also it was a TOUGH ASK to cross the
hurdle of 5133
The STRONG RESISTANCE ZONE of 5133-5217 has been being
mentioned on NIFTY CHARTS and my TECHNICAL VIEWS since more then a month.
Yesterday I suggested that if NIFTY sustains below 5084 it
will be a sign of caution for longs
NIFTY touched 5081 and bounced back but again failed to
cross 5133 and once below 5084 again it was all in RED.
5020-4982 are two important NIFTY levels to watch as support
If NIFTY CLOSES BELOW BOTH OF THEM on any day within next
2/3 days the up move from 4760 will also be only a BEAR MARKET RALLY
Do not forget the expected intermediate up move above
5133-5203.
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