Sensex:
Sensex opened with a huge gap and yesterdays opening gap is going to become an important support for the future.
We said that sensex need to cross 18038 for confirmation of strength of rally and it did not only crossed 18038 but close very strongly above it now sensex will find resistance at the upper end of the channel and may pass on a few days in a lackluster and sideways move.
For today 18287 will be the level to watch as a resistance and on the downside for 2-3 days 17894 will be an important support level to watch where one can initiate fresh long position for short term.
Nifty :
We said very clearly that nifty need to cross and close 5339-5369 for the confirmation of an upmove and at the open itself first level was clearly crossed and nifty bounce back with good volumes.
5470 will be a level to watch where nifty will face some resistance but if nifty passes on 1-2 days around 5400 then nifty will cross this level and march on to our first target around 5537-5554 and we expect some selling there before nifty moves up again.
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