TECHNICAL ANALYSIS OF SENSEX & NIFTY:
A small correction lasted for a few days and both SENSEX and NIFTY covered those few days losses in a single day with a massive & EUPHORIC up move taking both indices to reach new highs for the year 2012.
NIFTY FUTURE touched an EXACT HIGH of 5735 which was the NIFTY TARGET given here.
Both SENSEX & NIFTY has reached the 61.8% RETRACEMENT levels of their deep correction which was started in OCTOBER 2010 and made lows in DECEMBER 2011
18284-18062 was the suggested GAP SUPPORT for SENSEX and for NIFTY this zone was 5526-5421 and in the small correction SENSEX made a LOW of 18291 and NIFTY made a LOW of 5534 from the HIGH of 5652
Both indices finished that small intraweek correction and humped to new highs for the year 2012
I wrote on FRIDAY that a move above 5600 can take NIFTY up to 5735 and FUTURE NIFTY made an EXACT HIGH of 5735
No sign of REVERSAL yet and after such a huge TWO WEEK long rally markets may enter some consolidation phase
5953 and 19805 can be possible TARGETS for NIFTY and SENSEX respectively provided the SUPPORTS at 5526-5421 and 18284-18062 remains intact on CLOSING BASIS.