Nifty
■ NIFTY (5345), till 5426 is not crossed on higher side which is a 76.4% retracement from 5629 to 4770, Nifty may face selling pressure till 5000 or 4850 levels as rising Wedge is formed. Nifty has held 200WMA 4849 multiple times and crossed 200DMA 5084 plays very important role. Market would maintain 4850-5400 as range as mentioned in previous few monthly report.
Sensex
■ SENSEX- (17618) has formed Dead Cross as per Dow Theory which is oldest theory of technical analysis which acts with lag impact. Dead Cross is 50DMA 16681 cutting 200DMA 16823 from above, as specified in previous report. Till Sensex does not cross 17800 it is expected to be in range bound ahead of result season as well. Sensex from 1990 has corrected every 2 years 1990, 1992, 1994, 1996, 1998, 2000, 2002, 2004, 2006, 2008 and 2010 and now we are in 2012?