Indices

Friday, January 28, 2011

SENSEX & NIFTY (DAILY CHARTS):
BE CATIOUS, PAIN AHEAD!!!!

Sensex & Nifty both today broken crucial channel supports as discussed earlier on 20/01/2011. It has also given close below it (chart attached here with). We are now heading for lower targets of at least 4985 on nifty & 16800 on sensex in medium term with SL-18800.

Both have also broken very crucial supports of 200 DMA or 40WEMA on charts. It’s not a good sign for the market as far as overall bullish structure. One can see selling pressure at every rise in the market.

Investor book Profit at current levels or use every rise to exit portfolio & wait for lower levels for fresh investments.

Disclaimer

The views expressed are based purely on Technical studies. The calls made herein are for information purpose only. The information and views presented here are prepared by Devang Shah . The information contained herein is based on my analysis of the Charts. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it. The Investment discussed & recommended on this website may not be suitable for all. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent Views, as they believe necessary.
While acting upon any information or analysis mentioned on this website, investors may please note that neither Devang Shah nor any person connected with him accepts any liability arising from the use of this information and views mentioned herein. I may hold long or short positions in the securities/commodities discussed herein from time to time. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities/commodities, or any options, futures or other derivatives related to such securities/commodities.

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