The 10-minute chart shows three attempts at 15045 and it couldn’t break higher. Subsequently, the lower neckline was violated. This is a good early warning of an imminent correction. Look for a move down to 14170 first. We will probably get some fresh buying there, driving the index slightly higher. But eventually we should see the index decline to at least 13375.
1 Comment
hi mr. ramki,
I agree with your analysis and today’s s&p move validates it. Do you agree with all the pundits’ hypothesis that we may have entered into a new bull market for indian equities. I am still waiting for the analysis for those stocks that I asked earlier. Please try and have a look at them when you get some free time.