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MTECHTIPS:-SENSEX
The SENSEX gave a positive opening in early trade on Monday, and the index witnessed strong buying interest at all levels.Although some profit taking was seen in the index at higher levels, the last minute rally propelled by the strong European markets, helped the index to close with strong gains for the day.Sensex has been making higher highs and higher lows for 4 consecutive sessions. Now that May series is coming to an end in the derivatives segment, a short covering rally towards 16600-16750 can be witnessed. Sensex has to cross and hold onto levels of 16480-16500 so as to make a successful up move towards 16600 levels. However on the flip side, if Sensex fails to cross and hold levels of16480 then weakness will drag it down towards 16400-16300 levels.
The SENSEX gave a positive opening in early trade on Monday, and the index witnessed strong buying interest at all levels.Although some profit taking was seen in the index at higher levels, the last minute rally propelled by the strong European markets, helped the index to close with strong gains for the day.Sensex has been making higher highs and higher lows for 4 consecutive sessions. Now that May series is coming to an end in the derivatives segment, a short covering rally towards 16600-16750 can be witnessed. Sensex has to cross and hold onto levels of 16480-16500 so as to make a successful up move towards 16600 levels. However on the flip side, if Sensex fails to cross and hold levels of16480 then weakness will drag it down towards 16400-16300 levels.
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