12558 - 11900 range

Last week, the Sensex opened at 13109.96 attained a high at 13203.86 and fell to a low of 12153.55 before closing the week at 12526.32 and thereby showed a net fall of 575 points on a week-to-week basis. The low registered last week was 12153 against the support range of 12558-12316. On 30 September 2008, the Sensex opened gap down below the support of 12558-12316 but recovered immediately to close above it at 12860. Finally, the week closed in the support zone of 12558-12316.
The entire rise was from 2594 (September 2001) to 21206 (January 2008). The 50% retracement level is placed at 11900 and 61.8% is placed at 9720.
The Sensex support range now is at 12316-12153 and 11900. Resistance will be at 12627-13102-13204. A close above 13204 could temporarily halt the fall.
Support will be tested. In case of a close below 11900, expect the slide to be sharper. Ultimately, we could see a slide down towards 9720 at least and may be to an outer extent to 8799.