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MTECHTIPS:-SENSEX
The SENSEX gave a negative opening in early trade on Tuesday, and the index gained gradually from its intraday lows to close with small gains for the day.The index intraday is expected to open negative taking cues from the mixed Asian markets. Sensex has failed to hold 16900 & has broken multiple supports at 16800 and 16600 levels too as mentioned in our yesterdays report, Sensex has closed below 200DMA 16950 for 3consecutive days which normally confirms bear market phase. Today Sensex has to hold 16650 so as to take Sensex up to 16800-17000. However if Sensex fails to hold 16650 then selling pressure would take it lower till 16300 levels. The gap down caused due to the island reversal caused 23 trading sessions ago is still not filled which is posing threat of another breakdown towards 16300 levels.
The SENSEX gave a negative opening in early trade on Tuesday, and the index gained gradually from its intraday lows to close with small gains for the day.The index intraday is expected to open negative taking cues from the mixed Asian markets. Sensex has failed to hold 16900 & has broken multiple supports at 16800 and 16600 levels too as mentioned in our yesterdays report, Sensex has closed below 200DMA 16950 for 3consecutive days which normally confirms bear market phase. Today Sensex has to hold 16650 so as to take Sensex up to 16800-17000. However if Sensex fails to hold 16650 then selling pressure would take it lower till 16300 levels. The gap down caused due to the island reversal caused 23 trading sessions ago is still not filled which is posing threat of another breakdown towards 16300 levels.
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