The BSE Sensitive index is likely to witness a good corrective retracement post a test of 15500-15600. The target area of correction could be in the zone of 11800-12300.
Multiple timeframes (daily and weeklies) are suggestive of overbought conditions as well, which confirms that the rally could be about to lose steam
Are u sure this is valid even today
ReplyDeleteShiv
Post that view on June 4th, the market rallied to 15600 and then the correction stalled at 14K.
ReplyDeleteI will not rule out another move up towards the highs of 15500-600 , but unless 15600 is taken out, I'm still betting on Asia taking a pause....before further rallies.