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MTECHTIPS:-SENSEX
The SENSEX gave a flat opening in early trade on Monday, and the index traded in a very small range in early session. Sensex witnessed strong buying interest in the afternoon session, as the indices gained sharply to close with strong gains for the day on strong global cues.The index intraday is expected to open positive taking cues from the firm Asian markets. Sensex successfully sustained levels of 17230-17245 and as a result 17359 was its day's high, which we had mentioned in our last report. Today if sensex crosses and holds on to levels above 17291 and crosses 17387 then levels of 17450 seem to be on cards.However on the flipside, if sensex fails to hold onto levels of 17290 and slip to 17223 and below, we could also see levels of 17130 and lower. Caution is still advised as the gap down caused due to the island reversal 18 trading sessions ago is still open and the descending triangle is also intact.
The SENSEX gave a flat opening in early trade on Monday, and the index traded in a very small range in early session. Sensex witnessed strong buying interest in the afternoon session, as the indices gained sharply to close with strong gains for the day on strong global cues.The index intraday is expected to open positive taking cues from the firm Asian markets. Sensex successfully sustained levels of 17230-17245 and as a result 17359 was its day's high, which we had mentioned in our last report. Today if sensex crosses and holds on to levels above 17291 and crosses 17387 then levels of 17450 seem to be on cards.However on the flipside, if sensex fails to hold onto levels of 17290 and slip to 17223 and below, we could also see levels of 17130 and lower. Caution is still advised as the gap down caused due to the island reversal 18 trading sessions ago is still open and the descending triangle is also intact.
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