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MTECHTIPS:-SENSEX
The SENSEX gave a positive opening in early trade on Wednesday, 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 closed above 16400 levels after 5 days, & closed above 200WMA 16050 after making a high of 16495. Today Sensex has to cross and hold 16400 to target levels of 16600-16700. However the if Sensex fails to sustain 16400 then 16000 is important support and if that level is breached then 15800 & 15700 would be levels to be watched. Sensex has negated Negative island reversal but is likely to form Dead Cross which could have negative implication in days to come.
The SENSEX gave a positive opening in early trade on Wednesday, 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 closed above 16400 levels after 5 days, & closed above 200WMA 16050 after making a high of 16495. Today Sensex has to cross and hold 16400 to target levels of 16600-16700. However the if Sensex fails to sustain 16400 then 16000 is important support and if that level is breached then 15800 & 15700 would be levels to be watched. Sensex has negated Negative island reversal but is likely to form Dead Cross which could have negative implication in days to come.
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