Friends
two charts r attached today. in daily chart we saw a bounce from a critical support level which was intimated yesterday with a 5 day chart.downward channel break out value was achieved yesterday only.what next?
next technical hurdles r 15950 and 16000 prev immediate tops , on crossing them we will observe trendline of triangle shown in chart where we get resistance.
in weekly chart time equality is shown. if u recall my analyst friend Dr. Spandan Joshi had shown wave count as Ba, Bb and Bc for upmove from 8047 and according to him time taken for Bb+Bc shd be equal to time taken by Ba.i have shown in weekly chart the same. next week it will be time equality zone.so be cautious here onwards in long positions bcz rsi, macd and momentum all r showing -ve divergence.any decisive move out of this triangle with rise in volumes and change in other indicators can change this view.
now for long positions after 13220,14684 higher bottom is 15357 which shd be used as strict stop loss.
for next few days trading we can look at bank shares like allahabad bank, andhra bank, kotak bank...and few other stocks which r looking good technically like adlab, mll, sesa goa. but with strict stop loss since we are reaching to a very critical time zone.
i may go wrong in my views. do yr own studies before taking decision.
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update on 7.09.2009 4.30 p.m.
15950/16000 hurdles r crossed today. now trendline resistance comes around 16300where we can see strong resistance.profit booking suggested at 16300 zone.
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