MARKET BOUNCES...............

on friday sensex made low of 17296 and bounced back strongly and closed in green after a long time.since we have broken 200dma/ema since no of days and we are staying below that level for more than 7/8 days probability of more correction in coming days is more than making new high.

after making top at 21109 we made first low at 18955 and lower top at 20665. next bottom was formed on friday at 17296.so most probably we are retarcing fall from 20665 to 17296.retracemnt levels of 38.2/50/61.8% are 18583/18981/19378.

we should remember that 200 dma is placed near 18800. zone around 200 dma will become a strong resistance for this pull back.watch levels of 18981 and 19378.