Technical view by Nooresh

Sensex should retrace 50/61% of downmove and then decide !!

Sensex Technical View :

There might be varying views on the current trend of the market. One section is looking at 12k-13k and other at 18k.
Technically there is nothing confirmatory to change the trend to down in the medium term. Only closings below 15500 would negate the higher top higher bottom pattern.
In the short term even if markets have to go down they should retrace at least 50% of the downmove. So 16500/16700/17000 could be seen in days to come.
Traders and Investors who bought into the dips currently should look to trim longs around those levels as some bit of resistance could come there.
Also with the upcoming event its better to be not leveraged although i dont expect major negative surprises.
A move above 17k would confirm the resumption of strong uptrend.So we need to see the reactions around 16700 zone.

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Article by Nooresh Merani

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