TECH VIEW

SENSEX:the RESISTANCE ZONE was shown very clearly on the SENSEX chart

It was and it remains in between 16920-17120 and SENSEX after opening with a GAP UP made a high of 16900 but could not even cross 16920

Remember that this price zone was A STRONG SUPPORT ZONE before APRIL 2012 so once broken this zone is supposed to work as a RESISTANCE ZONE.

If the last leg of the upmove has any strength the SENSEX should make a HIGHER BOTTOM against the lows around 15800 be better if 61.8% retracement does not get broken

16173 is the 61.8% retracement for SENSEX.

NIFTY:5133 was the first hurdle as NIFTY made a HIGH of 5125

The STRONG RESISSTANCE ZONE is 5133-5217 so do remember that a STRONG INTERMEDIATE upmove may begin only if we get a WEEKLY CLOSE above this zone

And before NIFTY can attempt this we should have one HIGHER BOTTOM above 4760 and I would prefer a higher bottom above 61.8% RETRACEMENT of the last upmove from 4760-5125.

First caution for longs was the RESISTANCE ZONE next will be breach of supports at 4995-4949.