Clearly the Market is under significant short term pressure right now as it once again failed to make any head way from previous Bull rallies from 25,000 to 29,000 points range.
However, the NSAEASI still managed to hold on to last Thursday’s gain, which was a weak breakout candle. Short term bearish momentum is now rising indicating possible short term weakness coming up. which you can see from Market live feeds and some major Indexes.
NSEASI NSE30 NSE50 and NSE Banking are trending within its resistant levels
Weekly chart shows 2015 (Triangles) acted as Strong support levels in 2014-2015 and resistant levels in Dec 2015
NSE 30
Weekly chart shows market is within resistant levels called (DOUBLE TOP)
NSE50
Weekly chart shows market is within resistant levels called (DOUBLE TOP)
NSE BANKING
Weekly chart shows market is within resistant levels called (DOUBLE TOP)
Next weeks rally is going to be dicey. For now CASH IS KING until a True breakout is confirmed above these resistant levels.
The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.