Friday, August 24, 2012

NIFTY HITS 5442


SENSEX:caution has been being advised at this high levels and at the ZONE OF RESISTANCE and there was a big selling pressure witnessed in SENSEX.
The zone of RESISTANCE was clearly defined well in advance as an upside target
Even yesterday FMCG & PHARMA STOCKS saved the day else the SENSEX would have plunged a lot more from the days high.
SENSEX made a high of 17972 as my target /resistance was 18000 and then it has closed at 17850 for today one should watch if SENSEX closes below 17705 if that happens one must not remain long anymore

NIFTY: 5378 & 5442 were my TARGETS for NIFTY from around 5149 both targets have now been met and NIFTY faced stiff resistance at 5448
5341 is very critical support for NIFTY and a slow move up to 5341 can be only a correction BUT a STRONG DOWN MOVE breaching 5341 can be a fresh down move too
5260-5220 will be the TREND DECIDER GAP LEVEL for NIFTY and a close below this gap will open up a bigger down move in future so watch these levels carefully



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