As per the expectations, Asian markets are still in a far better position than Western markets. DOW has taken support tad below our mark 7757 which looks positive. But FTSE100 has breached the given support 3950 which is not a positive signal in the short term. But still they haven't breached their crucial support levels as per the stocksweekly.
Therefore, let us hope for a start of another uptrend from current levels in these markets. Yet, the overall picture reflects divergent ways for western and Asian markets in near to medium term. But still the macro-economic scenario in the developed economies would surely have considerable impact on the world economies as usual, particularly that of the U.S.

India and China are displaying a lot of strength. India did a volte-face yesterday and the bears were taken off guards. Some analysts have declared reversal of trend in these markets, implying that the bear market is over for these two emerging economies. But many long term bears would still be waiting for higher levels to be breached. The consensus is that a breach of 10950 would be a signal of trend reversal on BSE SENSEX.

Five wave up move is/should be drawing to a close in SENSEX/NIFTY and markets could start trending down for a correction anytime soon. But higher targets are intact as the stoploss is far too low from current level. It is a buy on decline market with appropriate stop loss depending upon risk taking capacity.
The levels given in stocksweekly are still relevant. Trade accordingly!