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MTECHTIPS:-SENSEX:
The SENSEX gained strongly after the RBI announced rate cuts,
and the index managed to close with strong gains. The markets
surged on strong volumes as the index witnessed all round buying.
The index intraday is expected to open positive taking cues from the
positive Asian markets. Sensex is near a break-out from triangle
above 17407 and the next level to watch out for is 17665 which is
its previous high. Sensex closing Negative Island would negate the
negativity and 18k above levels can be possible if results surprise
on positive side. Sensex has 17200 as a strong support holding
which, market would be positive, Sensex failing to cross 17475 and
if falls below 17200 then caution is advised. We expect the index to
consolidate at current levels aggressive traders should look for stock
specific moves as the results season is underway.
The SENSEX gained strongly after the RBI announced rate cuts,
and the index managed to close with strong gains. The markets
surged on strong volumes as the index witnessed all round buying.
The index intraday is expected to open positive taking cues from the
positive Asian markets. Sensex is near a break-out from triangle
above 17407 and the next level to watch out for is 17665 which is
its previous high. Sensex closing Negative Island would negate the
negativity and 18k above levels can be possible if results surprise
on positive side. Sensex has 17200 as a strong support holding
which, market would be positive, Sensex failing to cross 17475 and
if falls below 17200 then caution is advised. We expect the index to
consolidate at current levels aggressive traders should look for stock
specific moves as the results season is underway.
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