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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.
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.
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