DEAD CROSS is formed in SENSEX but not in NIFTY yet…
NIFTY (5115) has taken very strong support around 4770 and has rebounded strongly and now till 4750 is not breached on downside 5200-5350 on higher side possible. Now 200DMA 5067 plays very important role. Market would maintain 4800-5300 as range, mentioned in last month report.
SENSEX- (16862) has formed Dead Cross as per Dow Theory which is oldest theory of technical analysis which acts with lag impact. Dead Cross is 50DMA 16764 cutting 200DMA 16785 from above. Sensex has recovered from low of 15748 and rally can extend till 17500-17700 before this rally can fizzle out. 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?