SENSEX
SENSEX - (16862) has formed Dead Cross as per Dow Theory which is oldest theory of technical analysis which acts with lag impact. Dead Cross is 50 DMA 16764 cutting 200 DMA 16785 from above.
Sensex has recovered from low of 15748 & rally can extend till 17500 to17700 before this rally can fizzle out. Sensex from 1990 has corrected every two years 1990, 1992, 1994, 1996, 1998, 2000, 2002, 2004, 2006, 2008 & 2010 and now we are in 2012?
NIFTY
NIFTY (5115) has taken very strong support nearly 4770 and has rebounded strongly & now till 4750 is not breached on downside 5200 to 5350 on higher side possible. Now 200 DMA 5067 plays very important role. Market would maintain 4800 to 5300 as range, mentioned in last month report.
Events to look forward which will determine the market direction.
On global front, Greece election (17th June 2012), FED meeting (19 to 20th June, 2012).
But these seem to be temporary measures of pumping liquidity, this is further followed by the rally in the global as well our markets which may be short lived as we see no visible fundamental improvements.
by A.K. Prabhakar, Sr.VP, Equity Research, Anand Rathi Equities, 4th Floor, Silver Metropolis, Jai Coach Compound, Opposite Bimbisar Nagar, Goregaon(East), Mumbai - 400 063. India
Tel No: + 4001 3700, Direct: + 4001 3999, Fax No: + 4001 3770, Website: www.rathi.com
SENSEX - (16862) has formed Dead Cross as per Dow Theory which is oldest theory of technical analysis which acts with lag impact. Dead Cross is 50 DMA 16764 cutting 200 DMA 16785 from above.
Sensex has recovered from low of 15748 & rally can extend till 17500 to17700 before this rally can fizzle out. Sensex from 1990 has corrected every two years 1990, 1992, 1994, 1996, 1998, 2000, 2002, 2004, 2006, 2008 & 2010 and now we are in 2012?
NIFTY
NIFTY (5115) has taken very strong support nearly 4770 and has rebounded strongly & now till 4750 is not breached on downside 5200 to 5350 on higher side possible. Now 200 DMA 5067 plays very important role. Market would maintain 4800 to 5300 as range, mentioned in last month report.
Events to look forward which will determine the market direction.
On global front, Greece election (17th June 2012), FED meeting (19 to 20th June, 2012).
But these seem to be temporary measures of pumping liquidity, this is further followed by the rally in the global as well our markets which may be short lived as we see no visible fundamental improvements.
by A.K. Prabhakar, Sr.VP, Equity Research, Anand Rathi Equities, 4th Floor, Silver Metropolis, Jai Coach Compound, Opposite Bimbisar Nagar, Goregaon(East), Mumbai - 400 063. India
Tel No: + 4001 3700, Direct: + 4001 3999, Fax No: + 4001 3770, Website: www.rathi.com
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