NIFTY DAILY CAHRT
Nifty closed the week at around 4573 level and as observed form the above chart it is trading at the lower end of the downward sliding channel. Many momentum indicators have started showing positive divergences in hourly charts. I expect that market will witness a pull back form the current levels which will go upto at least 4800 levels and 5000 levels. A selling pressure is expected to emerge form there.
DOWJONES DAILY CAHRT
The only positive things for equity markets is that Dowjones has refused to close below 12000 levels for three consecutive weeks which was necessary for a decisive break down of that level. More over Dowjones made a low above its previous low of 11600 levels. Although this may not be a very vital sign of strength but surely it may result into a minor pull back form here will give temporary relief to market. Major resistances for Dow are at 12400 and 12800 levels. Major supports exist at around 12000 and 11600 levels.
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