ASI's darnage slowed...1000 sma prevailed

600, 700, 800 and 900 sma's got shattered out of sight in single days. Sending a hocking feeling of the same to occur on the 1000 sma as well. But it was not so. The index closed higher than the 6259 points which was the mark of the 1000 sma. This was a relief for those who's loan margins were soaring  high against the rapidly falling portfolio values. It is pre-mature to sum up saying things are falling in to place. We have more negative sentiments to ponder, against any positives.

On the 4th instant, the 1st day of the Year the index had a high of 6912 points, since then it came to a low of 6235 points, a drop of 677 points in just 11 market days.

Break down from the 1000 sma, was never seen since 2009, and as such it will be a wish of the bulls to see it holding ground at present. If that was to be expected then the index must rally to test 6900 again. We also can see that the RSI had fallen to 12.54 points. This too is a record, as it is the lowest since 2008.

However if we fail to hold above 1000 sma, the chance of it coming down to test the 20% level of 6136 is a foregone conclusion. Only time we can expect a trend change will be to see higher lows than today's low.