Though we are in a clear cut down trend, mid term trend is not so clear. Mixed signals are seen. I think Indian market is sniffing some possibility of some good action from the government, hence there was a reasonable pullback from the lows. But the bears were not ready to give up easily hence market was not able to close in green. The resistance levels are still coming lower and lower, hindering the way of the bulls.
But the ultimate oscillator is showing some weak bullish strength.
An interesting fight of Bears and Bulls in coming days. If bulls are able to get the close above 2833 during this week, then it will be of great concern for the bears.
With my limited knowledge I am not able to judge the support levels.
- Resistance levels.
- 2742 - 20 day WMA
- 2805 - 20 day TMA
- 2807 - 20 day EMA
- 2818 - 20 day SMA
- 2863 - 61.8% Fib retracement of the range 2253 - 3241
But the ultimate oscillator is showing some weak bullish strength.
An interesting fight of Bears and Bulls in coming days. If bulls are able to get the close above 2833 during this week, then it will be of great concern for the bears.
With my limited knowledge I am not able to judge the support levels.
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