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Archive for January 31st, 2011

Market View at 12:00 pm

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Market is critically poised below 200EMA & on verge of breaking 300EMA showing bearish signal for next few weeks. We have been mentioning about weakness since indices could not sustain above 5750. After three days of continues fall some bounce can be expected but could find selling pressure on rise. Based on formation the long term trend line from july 2009 is broken which will have negative impact.

Further on long term basis last week markets have closed below 50 weeks moving average. Today after gap down opening on EGYPT concern & looking to all global peers our could find support at 5400 levels. Putting all the perspective together current market looks good for sell on rise & this bearish view will be negated only if indices manage to close above 5750 & 19200.

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Written by Rakesh Gandhi

January 31, 2011 at 12:32 pm

Posted in Market Watch

Tagged with , ,