Yesterday there was some pause after two days of tremendous technical pullback where market opened with a gap up in the morning and spot nifty tested the resistance zone of 4300 where some profit booking emerged and subsequently Spot Nifty tested the strong support zone of 4200 on a intra day basis finally to close at 4231.50 down by two points or 0.05% . BSE Sensex closed at 14,250.25 down by 2.99 points or 0.02%, BSE Midcap closed at 4990.42 up by 11.78 points or 0.24% whereas BSE Small Cap Indices closed at 5545.56 gaining by 21.76 points or 0.39%. The volume was more in comparison to the previous trading session and the breadth was positive in the ratio of 5:1. Technically speaking in the Spot Nifty daily candlestick chart a dozi pattern has appeared which depicts indecision. Yesterday Spot Nifty could test the strong resistance zone of 4300 but could not close above that. Presently Spot Nifty is hovering above its extreme short term moving average of 7 EMA and 50DMA. If we look to the momentum indicators MACD is still in sell mode
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