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MTECHTIPS:-SENSEX:
The SENSEX also gap down and the markets dipped sharply on
sharp selling seen in Technology counters on weak numbers by
Infosys. The markets settled with losses for the session testing
crucial support levels.
The index intraday is expected to open negative taking cues from
the Asian markets. Sensex opened weaker, after taking support
around 17k Sensex rebounded to close positive on range bound day
on lower volumes and Sensex was trading around 200DMA 17071
before making a higher close. Today Sensex holding 17k is
important for levels of 17275 & 17400 on the higher side, while
breaking below 17k then 16800 is possible on downside. Sensex for
break away from range needs to close the Gap-down around 17570
which would negate the Negative Island reversal and negative
triangle formation.
The SENSEX also gap down and the markets dipped sharply on
sharp selling seen in Technology counters on weak numbers by
Infosys. The markets settled with losses for the session testing
crucial support levels.
The index intraday is expected to open negative taking cues from
the Asian markets. Sensex opened weaker, after taking support
around 17k Sensex rebounded to close positive on range bound day
on lower volumes and Sensex was trading around 200DMA 17071
before making a higher close. Today Sensex holding 17k is
important for levels of 17275 & 17400 on the higher side, while
breaking below 17k then 16800 is possible on downside. Sensex for
break away from range needs to close the Gap-down around 17570
which would negate the Negative Island reversal and negative
triangle formation.
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