SENSEX : SENSEX entered in an intraday correction but found support at 18323 which was very near to Fridays high.
This low of 18323 becomes an important LOW and SUPPORT now we can think of downside correction ONLY if SENSEX closes below 18323.
SENSEX is nearing its most important RESISTANCE level of 18725 and before that it faces resistance at its 200 DAY EMA at 18568 so we can EXPECT some correction from this zone of 18568-18725.
The EXPECTED correction must remain slow to give us another ENTRY point for further upside and we should watch supports around 18205 and 18120 if correction starts.
NIFTY : we suggested supports around 5485 AND NIFTY made a low of 5495 and closed up but it is a DOJI candle pattern with LONG LOWER SHADOW which suggests indecisive status with support at lower end.
A CLOSE below 5485 will bring in some corrective downside in NIFTY in coming days and the EMA band at 5433-5468 should give support in correction.
Correction MUST remain slow and above 5320 in any circumstances.
We expect some correction from around 5605 also note that ADX has now turned down for further upside it should turn up and we will keep an eye on ADX .