MTECHTIPS

MTECHTIPS:-SENSEX


The SENSEX  gave a  positive  gap up  opening in early trade  on Thursday,  and the index  sustained a positive up move as the investors looked to go long in stocks with strong fundamentals. The index managed to hold strongly at higher levels and sustained buying has led to a very strong close in the index.Sensex has sustained Gap-up and closed at 16649 levels after a stunning pullback rally from 16000 levels, & closed above 200WMA 16050 after making a high of 16681. Today Sensex has to cross and hold 16700 to target levels of 16800-16900. However the if Sensex fails to sustain 16700 then 16470 is important support and if that level is breached then 16200 & 15900 would be levels to be watched. Sensex has negated Negative island reversal but has formed Dead Cross which could have negative implication in days to come.