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MTECHTIPS:-SENSEX
The SENSEX gave a positive opening as the index sustained strongly above the 19000 levels on strong buying momentum in anticipation of new reforms announcements. The index witnessed a positive session, as the markets continued their upward movement. The Sensex closed around the day’s highs as traders held on to the longs.Sensex has formed a perfect BEARISH AB=CD harmonic pattern on daily charts, which suggests that now, traders have to be cautious and use higher levels to cut long positions. Today, Sensex has to cross 19150 and hold 18900 on the down side if the index has to cross 21000 in the days to come. If Sensex fails to do so, then a healthy round of profit booking towards 18600 cannot be ruled out.
The SENSEX gave a positive opening as the index sustained strongly above the 19000 levels on strong buying momentum in anticipation of new reforms announcements. The index witnessed a positive session, as the markets continued their upward movement. The Sensex closed around the day’s highs as traders held on to the longs.Sensex has formed a perfect BEARISH AB=CD harmonic pattern on daily charts, which suggests that now, traders have to be cautious and use higher levels to cut long positions. Today, Sensex has to cross 19150 and hold 18900 on the down side if the index has to cross 21000 in the days to come. If Sensex fails to do so, then a healthy round of profit booking towards 18600 cannot be ruled out.
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