TECH VIEW

SENSEX:SENSEX made a HIGH OF 16138 and closed at 16020 as I had suggested that SENSEX will have to close above 16086-16118.

Very important hurdle and POSSIBLE UPSIDE TRIGGER for SENSEX will be a CLOSE above 16295.

STOCHASTIC is oversold on EOD chart so it can TRIGGER some up side TILL the lows around 15809 is held on CLOSING BASIS.

WEEKLY & MONTHLY charts are negatively biased but if we see SENSEX closing above 16295 there can be a short term turn around and reason is very simple that despite BEARISH EFFORTS the earlier lows are still intact on closing basis

A CLOSE BELOW 15809 AND we will see a very sharp down move again.

NIFTY:4883-4889 was first hurdle zone for NIFTY as I said NIFTY has to close above these levels and NIFTY although made a HIGH of 4898 but closed at 4863

Another crucial zone of RESISTANCE is the BEARISH GAP at 4949-4982 if NIFTY closes this GAP it will be FIRST BULLISH SIGN for the short –medium term.

So despite visible BEARISH NESS on long term charts WE MUST CONSIDER SHORT TERM POSITIVE as possible trigger event.

A weekly close above 4982 will be very positive.

BUT if NIFTY faces resistance in the zone of 4882-4982 and closes below 4758 on any day it will definitely resume the down trend.