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MTECHTIPS:-SENSEX
The SENSEX gave a positive opening and the index sustained above 18800 levels on some sustained buying by traders who looked to initiate new longs, and also on some short covering. The index witnessed a positive session, as the markets gained after a positive opening. The Sensex witnessed some buying at higher levels, and the index closed lower from days highs.Sensex has made a lower high which is a negative sign, but it has closed higher at 18793. Today Sensex has to cross 18960 and hold 18880 on a closing basis before it breaks above the recent highs. However if 18715 is broken then some selling pressure could come in and low of 18552 if breached then we can see correction below 18040 can be fastest. Caution is advised, and higher levels should be used to reduce positions. October10-16 would be very important days as usually markets witness some profit taking during this period almost every year.
The SENSEX gave a positive opening and the index sustained above 18800 levels on some sustained buying by traders who looked to initiate new longs, and also on some short covering. The index witnessed a positive session, as the markets gained after a positive opening. The Sensex witnessed some buying at higher levels, and the index closed lower from days highs.Sensex has made a lower high which is a negative sign, but it has closed higher at 18793. Today Sensex has to cross 18960 and hold 18880 on a closing basis before it breaks above the recent highs. However if 18715 is broken then some selling pressure could come in and low of 18552 if breached then we can see correction below 18040 can be fastest. Caution is advised, and higher levels should be used to reduce positions. October10-16 would be very important days as usually markets witness some profit taking during this period almost every year.
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