WEEKLY SENSEX CHART

SENSEX WEEKLY CHART

MSCI INDIA ETF

                    

                    This time we are very bearish in this mkt. but if u look on MSCI INDIA ETF then u will find a pull back rally after completing of 5 wave pattern near this current levels. and most of stocks including banking stocks also , these are very very oversold at this time so need to be a very good pull back rally or some kind of consolidation pattern for 2 months at least.

                    Thatswhy i believe ,we have to convert in bullish mode with sl of  18400 levels . but still mkt. is trading in a range which is (19150-20000).

                     According to contrarian method ---everybody is sitting in bearish side or doing short and advising short also ,so it must be bullish for some time , may be 3 months at least . Dow chart is still in bullish mode and showing bearish in USDX as well as USDINR .

                      From this point of view my view has been changed from bearish to bullish but not looking for longer term uptrend from this levels . yes , if mkt. falls below 18400 levels then i will be very bearish .