LEVELS TO WATCH

SENSEX :  the resistance at 19700 has worked well for SENSEX.

IMPORTANT event in yesterdays 100 points down move is a CLOSE for SENSEX below the GAP as technically this could be first sign of BEARISH NESS as the gap has proved to be an EXHAUSTION GAP.

Our observation of market reacting negatively towards companies coming out with quarterly results has been proving on track as WIPRO came down by 3%  ACC came down by 1.3% AMBUJA CEMENT came down by 4.3% and RELIANCE AXIS AND HDFC BANK continued their downward journey with the TREND established after infy came out with numbers.

SENSEX must not close below 19306 and 19171 in next two –three days if it has to cross 19811.

Also the upper trendline is MOST important resistance line for bullishness SENSEX will have to close above it.

NIFTY : for NIFTY the EXPANDING bearish structure seems to be working and expect any bullish ness only above the upper trendline of this structure.

On the down side nifty MUST not close below 5791 and 5759  and if we see a close below these levels it will have bearish imact.