The sensex can reverse lower on TUESDAY to move to
18600
or 18167. Rebound from either of these levels will
mean that the
index can head towards 20000 soon. Decline below
18167 will
mean that downtrend has resumed which can drag the
market to
17400 or below. Move above 19500 will mean that
index is
heading to 20200-20500 range.
The NIFTY rally to 5680 means that an immediate
collapse to
4885 & 4500 is averted. The crucial FIBONACCI
RESISTANCE
is placed at 5720. If the NIFTY reverses from
5700-5750 range
then it can move to 5470 or 5330. A rebound from
these levels will
imply that NIFTY can move to 6000 level again.
Strong move above
5750 is required to make the short term view
positive again.
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