SENSEX:SENSEX touched a very important LEVEL OF RESISTANCE
and closed mildly lower then 16671 as it made a high of 16680.
I would prefer a WEEKLY CLOSE above 16671
But in any case the recent up move is a good one and if we
do not see markets loosing too much ground SENSEX will complete with a
CANDLESTICK reversal pattern called BULLISH ENGULFING LINE on its WEEKLY chart.
This is encouraging but we need to see EMA CROSS OVERS on
EOD charts happening to generate a buy call .
NIFTY: it was a good positive close for NIFTY above 5039
If NIFTY closes the week as on today above 5039 it will be
even better and a weekly close above 5039 will suggest that there can be
another rally after a MILD CORRECTION.
As in SENSEX here too we need to see an EMA CROSSOVER as
buying confirmation on DAILY CHART.
And one can see that the 5-8-13 DAY EMA is giving a good BUY
CROSS so for NIFTY to maintain bullish ness it must remain above atleast 5 day
EMA which is valued at 4941
And LEVEL WISE for BULLISH NESS to continue NIFTY MUST NOT
CLOSE BELOW 4954.
1 comment:
Sir!
Really very good & easily understandable analysis, thank you so much.
Mukesh Singh
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