market is sold off heavily today. we r facing very strong resistance near 61.8% zone around 16k and so far we have not been able to cross that barrier. nifty made new high but cld not sustain.on closing decisively below 15200 trendline from march lows will be broken and will indicate end of rally. buy puts and gedge yr portfolio.
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update at 7.30 p.m.
as shown in chart link we reversed yesterday. today one more effort was done by bulls but not succeded. mkt was weak with more volumes.
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgq4XR0i-XgThMFK3jzaviC_XFY9ZP6Trl8CnlYAJxyu9e5EkjSWh8KJHfv9VkA9qs26JlAgzvTW8vB6YAmZhNOAk64cDs_usC4t6GBYZtHjwtrrLYUkn7hFhWKoksOR2hB8ZlH8f0L8v4F/s1600-h/SENSEX+AS+ON+28.08.09-794687.PNG
in nifty mkt tested upper boundary shown in this triangle but in sensex it cld not test it.now we have to observe lower trend line giving support.if we break 15200 on closing basis then it will break and we can see deeper correction.otherwise bulls may try again to do one more attempt to take mkt on higher side.
Pankaji
ReplyDeletecan you just brief by giving some figures were the market is heading
I dont understand the levels, sorry for troubeling
Regards
Amish Desai
hello Pankajji
ReplyDeleteMarket is has become choppy , r this indication before any spurt up or spurt down
Regards
Amish Desai