SENSEX : SENSEX opened up with a GAP but found resistance at 5 DAY EMA and found support at the MIDDLE of the bullish candle of Friday so this 18367 level is to be watched carefully today and for a few days.
ADX is still rising it suggests that the down side MOMENTUM is intact.
SENSEX will find strong resistance at its 8 and 13 DAY EMA which are placed at 18692 and 18846 .
The trend remains down with supports working at the TRENDLINE AND 61.8% RETRACEMENT level.
NIFTY :
For NIFTY the strong RESISTANCE will come from 8 and 13 DAY EMA which are placed at 5605 and 5653 respectively as on today so we must watch these levels carefully.
Any weakness from here or from 38.2% / 50% retracement level may initiate further down side.
But there can be a few more days of sideways move with some upside bias.
Yesterdays low at 5502 will work as support in the near future.
An INTRADAY study of NIFTY FUTURE chart suggests that there is a channeled move on 15 minute nifty future chart and such channeled move from oversold zone suggest A CORRECTIVE upside only.
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