TECH VIEW

SENSEX: RESISTANCE level at 18000 seems to have worked very effectively and this down leg can well be proved as a FIRST leg of a FRESH AND BIGGER DOWN MOVE to come

I wrote this on 24^th AUGUST in my TECH VIEW “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”

Caution for longs was very clear advise right at the top

SENSEX has closed AT an important level and a close today below 17471 will be a confirmation that we are in a fresh down leg

NIFTY: NIFTY has closed well below 5378 and 5341 for TWO DAYS now and yesterday it has closed at the 38.2% Fibonacci SUPPORT

CRUCIAL trend decider zone lies at 5260-5220 BULL GAP and there are chances that we will see some sort of a relief rally from here

But all characters of a FRESH DOWN MOVE are present

Caution was advised on 23^rd and 24^th AUGUST in these words” 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”

A close above 5341 and 5399 next week can erase the immediate down side possibilities this looks difficult as of now