Sensex Closed @ 18,486
Supports @ 18,300 - 17,960 - 17,694
Resistances @ 18,750 - 19,002 - 19,361
last week we mentioned If Nifty Holds 5220, then market can see pullback till 5410-5560-5640. Nifty Hit 5608+ in just 4 Days. After Sharp recovery across the board Sensex managed to close just below 200 DEMA. Now Major Hurdle Stands close to 18,700 (+/- 0.5%) which is very crucial on technical terms. Its 200 DEMA, 50 DEMA, medium term Support and also important point from where Sensex recovered 2 times and also came down 2 times sharply. Once Sensex Sustains Above 18,700 on closing basis for 2 days, It will move towards 19,000-19,361. Overall Short term Trend is Bullish until & Unless Sensex trades Above 18,210. Closing below 18,210 short term trend will turn to negative and 17,960-17,694 possible. Medium term is Bullish / Bearish Above / Below 18,700. Long term is Bullish since last 2 years and we always mentioned to Buy in Systematic way at lower level as this was Bull market correction not bear market correction.
" Trade with Levels not with Hope "
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