Sensex : amid huge intraday volatility our support of 18218 was intact as sensex made an intraday low of 18253 on the up side 18691 remains the first major hurdle for sensex and then comes the NECKLINE of a probable double bottom pattern for us it is a DISTRIBUTION phase which is channeled.
Resistance levels are 18677 and 18783 also these values are of 200 and 89 day ema for sensex.
For today 18603 is the first level to watch and for support 18253 and 18218 are two levels to watch.
From the highs around 18735 maximum there will be another leg of down move and the price structure and strength of that down move will be a decisive one so in our opinion next week will be the major trend decider week.
Nifty:
For nifty too our zone of resistance was 5567 and 5603 and nifty high for yesterday was 5570 there is strong resistance at 5624 for nifty and a close above 5599 is an absolute must for the upside to continue for one or two more days.
But nifty will come down again from the resistance area of maximum 5603—5660 and the fall will be crucial to watch as again if the fall remains fast the sideways move for the past few days will prove to be distribution only.5433 and 5468 are two support levels for nifty for today and for Monday too.
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