Friday, September 21, 2012

TECHNICAL ANALYSIS OF NIFTY & SENSEX


SENSEX: IF SENSEX can close back above 18469 either today or on MONDAY one can again go long in selective STOCKS
But a CLOSE below 18062 will be a warning bell
This close should not come that easily and from this level we will see one more buying spree but as we all know markets can do anything
ZONE OF CAUTION proves to be a hurdle



NIFTY: ADX has been on the up move supporting SHORT TERM upside momentum as on DAILY CHART but still there is no SIGNIFICANT momentum on WEEKLY or MONTHLY charts being shown by ADX
PRICE has reacted adversely from the ZONE OF RESISTANCE
A NIFTY CLOSE above 5600 can take it further up to around 5735 as we analyse NIFTY on DAY TO BASIS we will consider ADX on daily chart being in momentum
If the BIG GAP gets filled in there will be another BOUNCE provided NIFTY does not close below 5421



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