LEVELS TO WATCH

There is another gap down opening in sensex such an event is very RARE when sensex gives a GAP fills that gap in a few days AND again creates a gap in the same direction of first GAP and observation says that such gap becomes very crucial hurdle in deciding future trend.

So watch todays gap on SENSEX chart and weather this GAP remains unfilled or it gets filled will play crucial role for the future movement of sensex. This gapped area is 18430 -18469.

So for today 18430-18469 will be important resistance and  18058 remains support and consistant trades below 18058 will be STRONGLY BEARISH for the sensex.

Nifty:

For nifty this gapped area is 5516-5531.

We would like to see movement of ADX if nifty falls down heavily and especially if nifty closes below 5408 and remains below 5408 for 3 days then it will be end for the current small corrective phase but it would be far more convincing if adx value rises smartly in a few days time.

Support at 5408 and 5366 for nifty and resistance at 5516-5531.