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MTECHTIPS:-SENSEX
The SENSEX gave a positive opening in early trade on Tuesday, and the index failed to hold on to the early gains. The Sensex witnessed selling pressure at higher levels and the index dipped to close the session with losses.Sensex closed above 16k levels after 3 days of closing below 16000 ,but still closed below 200WMA 16050 after making a high of 16138. Today Sensex has to cross and hold 15960 to target levels of 16200-16300. However the if Sensex fails to sustain 16120 then 15748 which is lowest in 101trading days is important support and if that level is breached then 15540 & 15300 would be levels to be watched. Sensex Negative island reversal has held for 4 days now and if 16295 is not crossed then chances of correction below 14600 is very high.
The SENSEX gave a positive opening in early trade on Tuesday, and the index failed to hold on to the early gains. The Sensex witnessed selling pressure at higher levels and the index dipped to close the session with losses.Sensex closed above 16k levels after 3 days of closing below 16000 ,but still closed below 200WMA 16050 after making a high of 16138. Today Sensex has to cross and hold 15960 to target levels of 16200-16300. However the if Sensex fails to sustain 16120 then 15748 which is lowest in 101trading days is important support and if that level is breached then 15540 & 15300 would be levels to be watched. Sensex Negative island reversal has held for 4 days now and if 16295 is not crossed then chances of correction below 14600 is very high.
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