BSE SENSEX 30

BSE SENSEX is correcting and has fallen through the 200 day simple moving average.The bears are dominating over the bulls. The down trend is confirmed by the rising ADX, as it is trading above 35 level. MACD has crossed below the zero line. RSI and Stochastic both are in over sold region. The next support levels for SENSEX are 16551.11 and 15986.33.

Gold

 

As I have mentioned in my previous post on 20 January 2011, that the gold is forming the bearish chart pattern “The Triple Top” . The gold has corrected up to $1308.10/oz on 28/1/2011 and it has moved up to $1366.80/oz on 9/2/2011. It is now facing the resistance due to the 50 day simple moving average. The RSI is above 50 level and MACD has crossed signal line but below the zero line this indicates mild bullishness.The Gold may remain side ways or some minor correction, then it will resume its upward move. Near term target for the Gold is 1394.36.

S&P CNX NIFTY update

The S&P CNX NIFTY is in down trend. It has fallen through all the moving averages say 20, 50, 100 and 200 day and the major support of 5400 and now it is certain the it will fall through the 5208 - 5210 support.As all the major indicators indicates that. The -DI has crossed above the +DI and the ADX is rising near to 40. The MACD is making lower lows and lower high and MACD has crossed the zero line and is blow the zero level. RSI and Stochastic both are in oversold region and may remain their as the sentiments are bearish and more selling may come. The next level of support is 4944.      

S&P CNX NIFTY

The nifty has fallen in down trend.It is trading below 200 day simple moving average. The RSI is making lower lows and lower highs the same is true for the MACD. RSI is trading blow 50 level and is at 28.91 and MACD is trading blow the zero line. All this indicate that bears are winning the game and dragging the nifty downwards. Once the important level of 5400 is breached, the weakness will be more visible and the next support level will be 5210.