Yes I was Right

Yes I was right. I have told you that market will come down even after seeing Parabolic SAR, as there was no reversal signal, even after seeing a gap I was confident that market will not hold the higher level. Bollinger band really work good. The market has crossed rectangle and have been managing a support around 17300-320 this week. As I have told if it manage the support we can see sum bullish run.

I expect a crossover in MACD, probably a negative crossover according to my analysis. From last one week we have seen market playing between 17320 to 17730. Markets have full potential to reach 17918 resistances. And then it will go to a correction again, this time market will slide up to 16782(If it fail support at 17384). And then market will head to 18300.  

For me 18300 is still seem as a hurdle if market manage to overcome it. We will see bullish market. As per my expectation 

I still want to stick to my point

As it is too early to predict the corrections. The support and resistance what i have shown hold a good sense ... i can even call it as magical support and resistance. market was in a rectangle and today it had been  broken. Technical analyst have a great belief that Bollinger Band will stand as a good support and resistance..  and when you see todays chart we can easily say it's time for a correction. 

Note: if market maintain a good support and it is having a resistance which can become a hurdle... If it  manage to come both of this hurdle i can call market as bullish..

What is my view on sensex?

My view on sensex is as similar as other technical analysts.. hear i would like to explain why market is not a right pick for this Diwali.

• RSI. as RSI have indicated a overbought signal.
• Even %R is not showing a healthy sign.
• Parabolic SAR. have not yet shown any reversal sign.
• 17440 look me as a good resistance, if it break than. we may directly don't see a bullish run but can say as a ray of hope.. because from last few month market have struck itself in a rectangle. if market move as predicted it may be +ve sign.
• Conclusion: Market need some correction and will go into correction as many analyst. right know i am working on "How Much?"

An classic Island Reversal in TATAMOTORS

I have spotted a triangle in SBI

Even thought SBI have managed to fill the gap. i was able to spot a triangle in a 5 day chart. if SBI manage to open above 1900. we will see SBI heading for higher Resistance which are 1900/1919/1934 . if triangle fail we will see a free fall between 1800 to 1750.

TATASTL: Begins a new downtrend rally

Tata stl is ready to head a downtrend below 420. If tata stl manage to cross 455 it is going to continue the previous trend.  

I am looking Hindalco as bullish stock, if it manages my support. I expect Hindalco will test +135. if it fail my support @128 it will manage my channel support @ 125 heading a downtrend. i hope on monday the stock will be bullish