last week i mentioned that we are reaching trend decider 80% retracement levels (of recent fall from 17790 to 15652) 17362/5183. but last week was ranged bound and we moved in small range of 17028 to 17245.till we have not crossed these levels . rsi trendline is also not crossed. in last week gap area 17000-17025 has given good support.
on positive side still we are trading above 50dma/100 dma.we have maintained higher high and higher low pattern on weekly basis.
what next?
we may see some action on breaking last week's consolidation range 17028-17245.
break of 17028 will be the first sign of weakness.short term traders must keep it as stop loss.for medium term stop loss levels given last week at 50dma/100dma zone at 16800/5000 will be same.
reliance has shown some strength in last week after a long time. it can show further strength till it is closed above 1020.
being a heavy weightage share it is helping in maintaining indices levels.
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UPDATE AS ON 16.3.10
RELIANCE ON FIRE ! 1071
CHEERS!
