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
2 comments:
Are u sure this is valid even today
Shiv
Post that view on June 4th, the market rallied to 15600 and then the correction stalled at 14K.
I 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.
Post a Comment