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MTECHTIPS:-SENSEX
The SENSEX gave a negative opening as the index sustained strongly below the 19000 levels on sustained selling pressure by traders who looked to exit recent longs and book profits. The index witnessed a weak session, as the markets dipped for the second consecutive session. The Sensex closed around the day’s lows as it failed to sustain at lower levels.Sensex, as we had mentioned yesterday, after a perfect BEARISH AB=CD harmonic pattern on daily charts, has come down to 18700 levels from 19100 levels, traders have to remain cautious and use higher levels to cut long positions. Today, Sensex has to cross 18850 and hold 18650 on the down side if the index has to cross 20000 in the days to come. If Sensex fails to do so, then a healthy round of profit booking towards 18500 cannot be ruled out.
The SENSEX gave a negative opening as the index sustained strongly below the 19000 levels on sustained selling pressure by traders who looked to exit recent longs and book profits. The index witnessed a weak session, as the markets dipped for the second consecutive session. The Sensex closed around the day’s lows as it failed to sustain at lower levels.Sensex, as we had mentioned yesterday, after a perfect BEARISH AB=CD harmonic pattern on daily charts, has come down to 18700 levels from 19100 levels, traders have to remain cautious and use higher levels to cut long positions. Today, Sensex has to cross 18850 and hold 18650 on the down side if the index has to cross 20000 in the days to come. If Sensex fails to do so, then a healthy round of profit booking towards 18500 cannot be ruled out.
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