Indian Indices on Friday saw strong sell off. The bullish formations were negated like closing the bullish gap formation. This is very typical in a Weekly Lev Sell color.
The longs were booked at break of 5550 levels and 11050 levels.
Now the indices are at crucial support levels on daily charts as the retracement till now is healthy. The downside support is at 5400 and 10700 levels. Till then the indicators are neutral.
For your observation: The index gave bearish signs (+/- 0.5%) at the mean reversion levels we discussed.
The longs were booked at break of 5550 levels and 11050 levels.
Now the indices are at crucial support levels on daily charts as the retracement till now is healthy. The downside support is at 5400 and 10700 levels. Till then the indicators are neutral.
For your observation: The index gave bearish signs (+/- 0.5%) at the mean reversion levels we discussed.
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