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MTECHTIPS:-SENSEX
The SENSEX gave a negative opening in early trade on Tuesday, and the index witnessed a pullback rally, as investors looked to accumulate beaten down stocks with strong fundamentals, and weak shorts covered their positions.The index intraday is expected to open gap down taking cues from the negative Asian markets. Sensex has made double bottom of 16124 & 16123 in last 2days and if 16120 is held then rally above 16400 would take Sensex to 16623 levels. Below 16120 Sensex then 15870 would be levels to watch on downside. Sensex is also trading below its 200 DMA at 16892 any breakdown from the 200WMA 16030 levels would start major correction. Today’s gap down will put more pressure on the index, but if lower levels are maintained we may witness pull back intraday.
The SENSEX gave a negative opening in early trade on Tuesday, and the index witnessed a pullback rally, as investors looked to accumulate beaten down stocks with strong fundamentals, and weak shorts covered their positions.The index intraday is expected to open gap down taking cues from the negative Asian markets. Sensex has made double bottom of 16124 & 16123 in last 2days and if 16120 is held then rally above 16400 would take Sensex to 16623 levels. Below 16120 Sensex then 15870 would be levels to watch on downside. Sensex is also trading below its 200 DMA at 16892 any breakdown from the 200WMA 16030 levels would start major correction. Today’s gap down will put more pressure on the index, but if lower levels are maintained we may witness pull back intraday.
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