Pre-market: Breakout soon

It could be just a matter of couple more days before the markets give a clear breakout. Yesterday, too the major indices ended on a 'Doji' - indecisive note.

The momentum indicators, are favouring a downward breakout as they have made lower tops recently. The 9-days RSI and the Stochastic Slow have both made lower tops and are on the verge of a downward breakout. Hence, if the market is unable to make a strong up move today. It could be very likely that they may give a downward breakout either today or in the next two days.

Today, the Sensex is likely to find support around 17,010-16,955, while resistance on the up side will be around 17,185-17,240. A break of 16,940-16,920 levels could trigger an accelarated down move.

The Nifty is likely to face resistance around 5,130-5,145, while seek support around 5,080-5,065.