A SMART TURN AROUND

WE MUST FOLLOW MARKETS, AS MARKETS WILL NEVER EVER FOLLOW US.
SUPPORTS WERE NOT BROKEN AND FIRST RESISTANCE LEVELS HAS BEEN TAKEN OUT,
SO................GHOOM JAO.

SENSEX: crossing two short term NEAREST HURDLES was the first important step SENSEX took yesterday in its may be a renewed journey towards a VERY GOOD bounce back which should now cross the recent highs.

There was some hint of STRENGTH in a few stocks and SBI was mentioned about a few days back

For SENSEX the emergence of support at my suggested levels of 80% retracement around 15800 was the first clue and so I did suggested clearly yesterday it self that although there is weakness on HIGHER TERM charts any up move can emerge from EOD CHARTS only.

16671 is the minimum upside we should see and if crossed 16920-17022 are next up side potential targets

A CLOSE below 16218-16086 should be protective stop for longs.

NIFTY:4882-4889 was first HURDLE ZONE and as NIFTY crossed that at open the intentions of the market was quite clear

If someone noticed yesterday it was FUTURE NIFTY which flirted with 4939 a few times in the day before the final jump to close above both important hurdles.

NIFTY not closing below 4803 and infact taking support at 4760 was just one hint and crossing two critical hurdle is the confirmation of some real strength on NIFTY EOD CHART.

Do remember that all my down side TARGETS were to open up only on NIFTY CLOSING BELOW 4803.

Some RESISTANCE at 5039 above which NIFTY will see 5135-5160.

A weekly close above 5039 will confirm a DOUBLE BOTTOM pattern on daily charts and a further WEEKLY CLOSE above 5160 will put NIFTY ON STRONG INTERMEDIATE UPMOVE.

And in this case EVERY DIP will be a BUY once again.