Support for Sensex at 17113 and Nifty at 4997

Technical Analyst, Prakash Gaba:

Sensex (17465): The market unfolded as expected and is in sell mode. We may see some up move due to Reliance Power listing but the indicators are in sell mode.

The support for the Sensex is at 17113 and the resistance to the up move at 18050-18240.

We said ‘Technically the trend is still intact up and has not been compromised. Nifty support at 4450 is a very strong support to deal with and we should see higher levels in the days to come. he market has been volatile as expected but the market has still managed to stay above our crucial supports of 17400.

Technically the Up trend is still intact but there seems to be some loss of momentum and some indictors are in sell mode. The market may go up in the next few sessions but I would like to doubt those moves if it goes up until a Strong buy signal emerges.

On the larger canvas there is a possibility of the Sensex testing the recent low of 15332 if the market weakens but I maintain that the Nifty low of 4449 is a line in a stone so far and may not be breached.
The crucial support for the Sensex is at 17400-17113 the resistance to the up move at 8400.
The crucial support for the Nifty is at 4997 and the resistance to the up move at 5380.