WEEKLY CHART BOOK

dear readers, sorry for delay in posting weekly chart book.

TECHNICAL VIEW FOR THE WEEK AHEAD :

There is no major change in my TECHNICAL VIEW for the week starting from 23^rd july 2012.

STOCHASTIC has turned down from overbought zone on WEEKLY CHARTS suggesting the downward bias

Although from the CANDLESTICK point of view the WEEKLY CANDLE was a STAR which suggests mild indecisiveness at SUPPORTS.

5128 for NIFTY and 16905 for SENSEX are two important support levels which are 38.2% retracement levels of the last rally.

A low at 5016 for NIFTY and 16553 for SENSEX are very critical lows and below this one must not HOPE for significant bullish ness too soon.

BULLISH GAP around 5159 did give some support but NIFTY FAILED to cross 5267 and SENSEX failed to cross 17342 on DAILY CHARTS which is first sign of WEAKNESS on daily charts.

So for the next week watch these levels for the BULLS to regain some control again ELSE we will a lot more down side to open up during the week.

EMA BAND sell cross is the cause of concern for our markets

Also daily charts of a few major stocks like LARSEN /AXIS BANK /TATA MOTORS/INFY suggests extreme weakness and also the recent up move in these and many other stocks look a WEAK CORRECTIVE only.