MTECHTIPS

MTECHTIPS:-SENSEX

The SENSEX gave a flat opening in early trade on Friday, but the index traded in a very small range for the day. Sensex had a very dull session and the index closed for the day with small gains after trading around the neutral line for maximum part of the day.The index intraday is expected to open positive taking cues from the firm Asian markets. The Sensex failed to cross levels of 17250 which is a sign of weakness. The gap down caused due to the island reversal 17 trading sessions ago is still open and the descending triangle is also intact .If Sensex is not able to hold levels of 17140 then weakness will continue till 17050 and 16980 levels. However if levels of 17230-17245 are held then levels of 17350 can be possible levels in the Sensex.