Sensex

Today we have crossed 18000 mark in sensex after two years , but going up sensex has a very strong resistance in form of Island reversal gap (18298-18448)which it created in feb 2008, so one should be cautiously optimistic in longs.

Sensex and Nifty

Sensex

As sensex has given a breakdown from rising wedge it should target 15335 but since market are extremely oversold, sensex could move up and try the gap area.

Nifty

Sensex

Sensex is around highs made in may 2008, so it could face stiff resistance here.

Sensex

On Thursday sensex broke the downward moving trendline, now if 17500 is taken out sensex could target 17800.

Sensex Weekly Gap

Sensex has a weekly gap at 15284-15362.9 which got partially filled today and now gap stands at 15284-15330.6 ,filling of this weekly gap is quite bearish .

Sensex

Monthly chart

Sensex

Nifty

Sensex

Confirmation of Faliure of Head and Shoulder pattern both in Sensex and Nifty

Nifty

Sensex

Sensex

Sensex today was not able to cross neckline of head and shoulder and gave closing below it.

Nifty and Sensex

Sensex closed below head and shoulder neckline decisively.whereas nifty managed to close above neckline of head and shoulder pattern (chart below).