Negative <>
Last week we had mentioned that “expect a corrective up move towards 14.7 -15k in the next few trading sessions; keep a stop of 14150 for long trades”. Achieved 14672, just short of our initial target & went further to broke stop.
Last week’s “hammer” pattern (weekly) requires consistent trading above 14.6-14.7 for the “bullish” implications, otherwise, Friday’s sharp rally is most likely to fizzle out, here while creating a new hurdle area (14675-14825) for the bulls. The directional trend (primary) remains decisively bearish with repetitive failures beneath “neckline” of H&S pattern.
In short, in line with the symptoms of ‘protracted’ bear faze, the Sensex is likely to remain range bound (14.2k-14.8k) for some more time (best case scenario) or continue to slide towards next target objective of 13.7-13.5k. On the bullish side, cl >14825 is must, to head higher, once again, in a testing area of 15.3-15.5k.
