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Technical analysis of Sensex


The chart of sensex is trending very nicely to the downside but there are many reasons to believe that the easy downside is almost over. The level of 12500 assumes critical importance as it is the support for many reasons not detailed here. The breach of level of 12500 has potential of taking it to 11500, I assume in more spiky fashion. The pundits are calling for 10000 level index, which I am not ruling out, but I do not see that happening in this wave. There are lots of falling gaps which if not closed will be a pain in the neck for a long long time. We also have to take into account the selling that will come at the higher prices and the accumulation at these levels will need a long time to complete. More time sensex stays below the levels of 15000 more the chance 10000 is hit.
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