MTECHTIPS

MTECHTIPS:-SENSEX

The SENSEX gave a positive opening in early trade on Thursday, and the index  witnessed strong buying interest in  yesterday’s session. The investors cheered the bold step taken by Government by hiking fuel prices, and anticipation of more reforms pulled the markets up strongly.Sensex has closed above 16k after almost making double bottom around 15800 levels and now a counter rally is possible till 16k is held. Sensex for the day has support 16090levels while 16370 & 16500 would be next important levels to be crossed. Sensex 200DMA 16817 is level which on higher side would be major resistance if rally sustains. The  trend still remains negative and holding strongly above the 16400 levels is important for the index to break the current negative trend.