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    Eagle Eye 30th June

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    dhamu0202
    Nifty and Sensex ended lower by over 2% as markets continued to tank due to persistent selling activity. The indexes failed to break above the 20-day simple moving average, indicating bearish sentiment is stronger. The streak of higher lows on the daily chart was also disrupted, further pointing to a bearish scenario. The author revises their short-term market bias downward to a target of 4000, with reversal at 4440, and maintains a mid-term bearish bias with a target of 3870 and reversal at 4700.

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    Eagle Eye 30th June

    Uploaded by

    dhamu0202
    14 views1 page
    Nifty and Sensex ended lower by over 2% as markets continued to tank due to persistent selling activity. The indexes failed to break above the 20-day simple moving average, indicating bearish sentiment is stronger. The streak of higher lows on the daily chart was also disrupted, further pointing to a bearish scenario. The author revises their short-term market bias downward to a target of 4000, with reversal at 4440, and maintains a mid-term bearish bias with a target of 3870 and reversal at 4700.

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    Nifty and Sensex ended lower by over 2% as markets continued to tank due to persistent selling activity. The indexes failed to break above the 20-day simple moving average, indicating bearish sentiment is stronger. The streak of higher lows on the daily chart was also disrupted, further pointing to a bearish scenario. The author revises their short-term market bias downward to a target of 4000, with reversal at 4440, and maintains a mid-term bearish bias with a target of 3870 and reversal at 4700.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    14 views1 page

    Eagle Eye 30th June

    Uploaded by

    dhamu0202
    Nifty and Sensex ended lower by over 2% as markets continued to tank due to persistent selling activity. The indexes failed to break above the 20-day simple moving average, indicating bearish sentiment is stronger. The streak of higher lows on the daily chart was also disrupted, further pointing to a bearish scenario. The author revises their short-term market bias downward to a target of 4000, with reversal at 4440, and maintains a mid-term bearish bias with a target of 3870 and reversal at 4700.

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 1

    Resistance at 20-DSMA

    Markets on June 30, 2009: Violation of bullish trend line

    The Indian markets continued to tank as selling activity persisted till the final minutes of
    trade. Sensex ended lower by 291 points, while Nifty closed lower by 99 points. Stocks
    from the mid-cap and small-cap spaces ended the day on a weak note as well. On daily
    chart, Nifty failed to clear the hurdle of 20-daily simple moving average (20-DSMA),
    which indicates that bearish sentiments are overcoming the bullish one. On the other hand
    the streak of higher lows on daily chart got disrupted, which also points towards a bearish
    scenario. After today’s monthly negative close after 3 months of strong bullish close, the
    bullish trend is under treat. Further the bearish scenario gets tighten after the break of
    bullish trend line on hourly chart. Daily momentum cycle is still in the sell mode. The
    overall market breadth was in the favor of the bears with 998 declines and 226 advances.

    Intraday KST has also shifted in the corner of bears. Our short-term bias is revised down
    for the target of 4000 with reversal packed at 4440. Also our mid-term bias is intact on
    the downside for the target of 3870 with reversal placed at 4700.

    Selling activity was witnessed in stocks across the board today, with the pack led by
    stocks from the realty, metal and capital goods sectors. From the 30 stocks of Sensex
    Hero Honda (up 1%) led the pack of gainers, while DLF (down 8%), Tata Motors (down
    7%) and Jaiprakash Associates (down 7%) led the pack of losers.

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