TECH VIEW

SENSEX:SENSEX continued its downward move but recovered somewhat in the last hour of trade

It is a small HAMMER CANDLE pattern which can bring in some more relief for bulls but i feel upside will be kind of a LOWER TOP formation only

But markets can move in any direction at its own speed and will so we have just to follow markets

17471 is more critical support for SENSEX and 17443 is 38.2% retracement level so a WEEKLY CLOSE below these levels should be a clear signal of an end of the recent up move

Till these levels are held there can be some more upside left

A STRONG CLOSE above 17725 can prove very good for bulls

NIFTY: 5294 was one support for NIFTY below 5341 and NIFTY made a low just above 5300

21 DAY EMA is a good support for NIFTY so we shall watch for one or two days close below 21 D EMA also as shown on the chart the STOCHASTIC is now in oversold zone so there can be some bounce back again

A weekly close below 5294/5287 and below 5260-5220 BULL GAP will be an end to the recent upmove

But till these levels are intact NIFTY can again attempt to reach higher

A CLOSE above 5366 in a single BULLISH CANDLE can be considered as one more buying opportunity