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DOLLEX 30 PROFIT TAKING ZONE...INVESTMENT ZONE...SUPER BULLISH ZONE


DOLLEX 30 - PROFIT TAKING ZONE...INVESTMENT ZONE...SUPER BULLISH ZONE 


Though last week DOLLEX 30 Index has made 52 weeks high, but weekly chart of Index is indication overlapping formation and recent move from 2688.41 we are assuming corrective rally of previous fall.

On daily charts we have seen reversal as a part of FII Selling in market from last few sessions. Today we are focusing on major up move above all time high of 4386.02 but before that we are seeing short term correction in Index.

Reasons for short term correction
1)    Huge overbought condition in Market.
2)    Overlapping chart pattern on daily charts.
3)    Weekly momentum oscillator (KST) showing negative  divergence
4)    Momentum slowdown in current rally.




DOLLEX 30 (WEEKLY LOG SCALE CHART)



DOLLEX 30 (WEEKLY LOG SCALE CHART)

If correction happens, At which level to buy considering good risk reward ratio and why.

1)Fib ratios

I.    Retracement 50.00%@ 3142.66
II.   Retracement 61.80%@3035.45
III.  Retracement 78.60%@2882.83
IV.  Retracement 88.60%@ 2791.98

2)Long term Moving average as per fib ratio (233,377,610 etc) support of 610 weekly Moving averages @2791.98, where index took support on March 04, 2016 @2791.98.

From above two reasons we are seeing safe buying level of Index is around sub 2800, where two major (Fib Ratio & Moving averages) matches. One should start long term investment for period of three to five years between 3000-2800.

After this meaningful correction we are seeing Index to break its all time high and expecting huge upside above 4430. A monthly close above 3900 and then above 4300 would be trigger for huge 3rd wave for India, where index can touch the levels of 4446.82 - 5533.52 - 7291.93 -10140.55.

Detailed analysis by Charan More, Deepak Bhoj, Avinash Karle, with inputs from Nilesh Dedhia.


BEARS SEE SENSEX @ 15000 / BULLS SEE NIFTY @ 15000 PLUS
http://ntdtrading.in/research-desc.php?pageid=652

http://ntdtrading.in/research-desc.php?pageid=651



DOLLEX 30 - WAKE UP SID (SERIOUS INSTITUTIONAL DOLLARS)

http://ntdtrading.in/research-desc.php?pageid=592



(SEPT 14,2016)

























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