SENSEX: despite having shown a GLOOMY picture on monthly
charts a short term rally was expected and it is here.
The first HURDLE of the BEARISH GAP has been crossed by both
SENSEX & NIFTY and SENSEX even closed above the RESISTANCE TRENDLINE.
The 5/8/13 EMA BAND which is in sell mode must turn up to
give a buy cross then we can have more faith in this up move.
16962 becomes the new SUPPORT for SENSEX and it has got
RESISTANCE at 17318.
NIFTY: an analyst must FOLLOW the SHORT TERM TREND first
even if there is something WRONG on LONG TERM CHARTS.
Doing this i said here that if NIFTY sustains above 5149 one
can go long and there will be a stronger up move if NIFTY can cross 5164-5197
ZONE which was the BEARISH GAP.
Once above 5149 it was all bullish and NIFTY has closed at
5199.
This can be a solid TREND REVERSAL DAY but one must take
care at 5255-5267 levels and then at 5300
5149 is the new support as to maintain bullishness NIFTY
MUST NOT close below 5149.
1 comment:
Sir!
Very good analysis.
Thanx & regards,
Mukesh Singh
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