Sensex :
The world markets did face very huge sell off but sensex showed some unusual strength but technicaly speaking it was 61.8% retracement level at 17949 which supported sensex and it was successful in closing above an important level of 18052.
A sustained move above 18326 is needed for strength to continue and then a close above 18439 can easily give a lift to sensex of another 500-700 points in coming days.
This is turning out to be a complex corrective rather then a simple abc flat correction as sensex finds support at 61.8% of the last rise.
Nifty:
For nifty 61.8% retracement level was 5376 and yesterdays panic low was 5373 and here also close is above 5408 now for today a sustained move above 5479 will be a clear signal for short term strength and then a close above 5531 will be a good bullish trigger for another 100-200 points up move in nifty.
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