NSE NEEDS A REBOUND
- Gainers 11, Losers 31.
- TA SIGNALS FOR MARCH 14 2012
Market lost 155.05 points closing at 21,072.93 as most indexes were in Red except for NSE Oil & Gas.
Straight to technicals, the NSE ASI since its Long bullish run from 20,619 to 21,181 has pulled back twice on Higher highs and Lows and one rebound off a 5 DMA, the current close of 21,072.93 places the Index on another life line which it needs to defend to keep the bull trend intact. A fall below this level tomorrow will likely test its last support levels of 20,950.
So far, The NSE 30 now 956 points has broken its 5DMA and approaching its support of 954 points for strength,While the Banking sector which broke its 5DMA on the 8th of March is now within a 30DMA.
The 30DMA has been a strong reversal levels for the Banking sector and likely going to rebound here tomorrow.
The technicals on the NSEASI continue to look healthy but I do see a bit more grinding before a rally actually begins, so this correction is not about done yet (yes, this is only a consolidation, not a trend reversal yet). So is this the time to accumulate? Yes, if you are taking long term strategic positions and No, if you are a short term speculator.
As a technical swing trader, I would be waiting for more definite signs to turn up before I go full force.
| Ticker |
Date/Time |
Previous | Price | %Change |
YTD |
| NSE |
14/03/2012 |
21227.98 |
21072.93 |
-0.73 |
1.65 |
| NSE 30 |
14/03/2012 |
965.1 |
956.33 |
-0.91 |
3.52 |
| NSE BANKING |
14/03/2012 |
294.94 |
290.98 |
-1.34 |
6.10 |
| NSE F&B |
14/03/2012 |
1745.28 |
1720.2 |
-1.44 |
191.76 |
| NSE INS |
14/03/2012 |
122.56 |
120.65 |
-1.56 |
-15.95 |
| NSE O&G |
14/03/2012 |
218.41 |
219.71 |
0.60 |
-0.18 |
