SENSEX:17681-17748 was my first TARGET ZONE for SENSEX and
it was also a RESISTANCE ZONE and SENSEX retraced back swiftly after making a
high of 17726 to close at 17600.
Even if the SENSEX is to reach new highs in the current up
move i believe it should correct some what and give us a better BUY ENTRY.
Remember the correction must remain slow if it comes.
A candle pattern called SHOOTING STAR can be a potential
reversal pattern if today we have a black candle at the close.
NIFTY:NIFTY touched 5377.70 and my target AND resistance was
5378 TARGET was met and RESISTANCE too worked as NIFTY went down sharply in the
last hour of trade EXACTLY from 5378
I had suggested to EXIT LONGS and to wait to re enter after
some mild correction takes place
EMA BAND is in BUY MODE but STOCHASTIC overbought and ADX
not showing any great strength and momentum
Short term TREND is up but for going long again one should
wait for some correction one can still take some long position if NIFTY again
crosses 5378 today and stays above it.
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