NIFTY HOURLY CHART
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Friday, September 18, 2009
Tuesday, September 8, 2009
BEWARE OF OVER OPTIMISM IN MARKET ???
SENSEX Weekly Chart
--> I tried to compare the current move with the move which happened in Jan 2008. I saw the current move is showing exactly same formation which we saw in Jan 2008. The Red Line (RSI) shows exactly same negative (highlighted with green shadow) divergences which we saw in Jan 2008.
--> Now Technically market is making new 2009 highs but RSI is not, which is signalling that its time to generate cash at higher levels.
--> In Jan 2008 Sensex has given false breakout and then suddend fall with lower Circuit, currently Sensex has to give Breakout above 16300 and could go upto 17500-18000 in short term but it would be wise to liquidate long positions around these levels rather building fresh long positions.
--> Will update my view regularly in coming weeks. Need to watch Sensex Closely.
SENSEX Daily Chart
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