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MTECHTIPS:-SENSEX
The SENSEX gave a negative opening in early trade on Thursday, and the failed to recover from the lower levels. The index continued a negative movement and closed the day with losses around the
day’s lows.The index intraday is expected to open negative taking cues from the weak World markets. Sensex could not hold above the 17300 levels and the index dipped suggesting that there was intense selling pressure on the markets. Today Sensex has to hold on to 17000 levels to move towards 17250 and 17400 ,failing to which 16800can be probably possible as the gap down caused due to the island reversal caused 19 trading sessions ago is still not filled and the descending triangle is also intact which is a sign of weakness. We
maintain a sideways range bound move on the markets, and profit taking at higher levels is seen.
The SENSEX gave a negative opening in early trade on Thursday, and the failed to recover from the lower levels. The index continued a negative movement and closed the day with losses around the
day’s lows.The index intraday is expected to open negative taking cues from the weak World markets. Sensex could not hold above the 17300 levels and the index dipped suggesting that there was intense selling pressure on the markets. Today Sensex has to hold on to 17000 levels to move towards 17250 and 17400 ,failing to which 16800can be probably possible as the gap down caused due to the island reversal caused 19 trading sessions ago is still not filled and the descending triangle is also intact which is a sign of weakness. We
maintain a sideways range bound move on the markets, and profit taking at higher levels is seen.
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