@RESISTANCE

SENSEX:16920-17120 was very very clearly described as STRONG RESISTANCE ZONE and my preference was even tough as I had been repeatedly saying that SENSEX has to close a WEEK above 16920-17120 zone for a BUY ON DIP kind of bullish situation.

16544-16494 is the support zone for next few days and if SENSEX closes below this zone in next 1-2 days then it may end the recent up move

SENSEX will have to close above 16944 very quickly for ANY bullish hopes.

NIFTY: the TOUGH ZONE of resistance as REPEATEDLY being described was 5133-5217 and NIFTY made a high of 5191 and bang, there was a huge supply which triggered a big down move for the day

Incidently NIFTY could not cross the 200 day EMA also

5020-4994 is the support zone as of now and a NIFTY close below this in a day or two would put an end to bullish hopes.

I said NIFTY NEED A WEEKLY CLOSE above 5133-5217 AND then a small correction would be good but yesterdays fall is severe enough to end the recent up move unless NIFTY can again capture 5133-5159 levels today.