Sensex finding support at 16250

The market closed just above 16250 today at 16316.26. When the overall sentiment was low during the early days of the week, Sensex was expected to breach the support at 16000. Oil price ease and Futures contracts square off lifted the sentiments yesterday. Market lost more than 200 points today.FIIs are reportedly pulled out a huge sum of money from the market, the effect of which will be known only on Friday 30 May 2008 when the Futures market open for fresh contracts. Given this gloomy outlook for the next week, Sensex should find supports at 16250 and down from there at 16000, the key figure that might trigger trend reversal.It is the market movement on 30th May that is going to decide this from now. Lets wait and watch!