WATCH LEVELS

SENSEX : THE correction continued with a gap down opening support lies for SENSEX is at 16340 around which is 61.8% retracement level.

We did give an important trend decider level of 16443 and although SENSEX breached it for intraday it gave a close above 16443 but our support zone given on yesterday was 16443-16375 which worked.

Important and strong trend decider levels are placed on chart now which is the GAPPED ZONE OF 16668-16830 and a close above 16830 on any day in coming few days will give a good short term buying opportunity.

But a close below 16443-16340 will make SENSEX retest the august lows.

NIFTY : the support zone given for NIFTY was 4927-4915 and NIFTY made a low of 4911 and closed a little higher but the GAPPED ZNE of 5046-4985 is now the crucial zone for any upside movement.

The 4890 level is 61.8%  retracement level so a bounce back from around 4900 which closes up above 4927-4942 will the desired closing movement for NIFTY which will suggest an end to this correction.

A close below 4890 will make NIFTY to test the august lows and a close above 5046 will provide a good short term buying opportunity.