Indices
TUESDAY, MAY 04, 2010
BSE MIDCAP INDEX
BSE MIDCAP INDEX: (BEARISH)
BSE Midcap closed @ 7027.09 on 4\5\2010.
As per wave Count, it has completed Wave-B of expanded flat of ABC decline. It has formed ending diagonal kind of pattern in wave-c of v of B. It has broken crucial trend line support of 7072 as per attached charts.
Now, it has started its Wave-C down. One should remain short with SL-7207.44. Also book Profit & initiate fresh shorts in BSE midcap stocks based on stock specific view.
BSE Midcap has immediate target-1 of 6700 & below that target -2 of 6300. These are the crucial levels to watch for any kind of Bounce. Unable to hold it will lead to sharp fall towards 5700 levels (i.e. target of wave-C of expanded flat).
Momentum Indicators KST/MACD on daily/weekly degree is also showing sign of weakness.
BSE Midcap closed @ 7027.09 on 4\5\2010.
As per wave Count, it has completed Wave-B of expanded flat of ABC decline. It has formed ending diagonal kind of pattern in wave-c of v of B. It has broken crucial trend line support of 7072 as per attached charts.
Now, it has started its Wave-C down. One should remain short with SL-7207.44. Also book Profit & initiate fresh shorts in BSE midcap stocks based on stock specific view.
BSE Midcap has immediate target-1 of 6700 & below that target -2 of 6300. These are the crucial levels to watch for any kind of Bounce. Unable to hold it will lead to sharp fall towards 5700 levels (i.e. target of wave-C of expanded flat).
Momentum Indicators KST/MACD on daily/weekly degree is also showing sign of weakness.