DIRECTIONLESS AGAIN

BOTH SENSEX AND NIFTY did reach their respective targets/resistance and now we are watching a TOUGH FIGHT between bulls and bears AT A CROSS ROAD

at present one can not have a PREDICTION as such but can have LEVELS only to watch for a DIRECTIONAL MOVE

one TECHNICAL reason for undecisive move is ADX moving down.

SENSEX:supports are still intact even after a big down candle on Monday and yesterday SENSEX opened low but recovered in the later half of the day

Levels point of view there is no change in my basic view which is that the short term trend is still up till SENSEX remains above 16544-16494

But better is if SENSEX can regain the lost grounds of MONDAY which again is my old level of 17120

NIFTY: 5133-5217 REMAINS the STRONG RESISTANCE zone for NIFTY and a WEEKLY CLOSE above it would be the best thing to have happened with NIFTY in recent past.

To be able to DIGEST the sell off of Monday NIFTY should remain above 5031 for today and as I had said a CLOSE below 5020-4994 would be the critical signal of the RECENT RALLY to end

A close above 5156/5191 would also be a good sign for today.