The Sensex Index is retracing to test its new support level. Respect of 17200 would indicate that the up-trend is intact, while failure would warn of another test of primary support at 15000. Long-term buying pressure remains healthy if 13-week Twiggs Money Flow forms a trough above the zero line.
* Target calculation: 18000 + ( 18000 – 15000 ) = 21000
The Nifty Index is similarly testing support at 5200. Recovery above 5600 would confirm the primary up-trend. 63-Day Twiggs Momentum above zero suggests a healthy up-trend.
* Target calculation: 5400 + ( 5400 – 4600 ) = 6200
Thanks a lot for adding Nifty view though it is not clear whether the view is for Nifty F or Spot.
Regards.
Data matches S&P CNX Nifty Index on the NSE India home page — which I take it is the spot.
Good Analysis
Sanjay Jain
Chartered Accountants
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