SENSEX TECHNICAL VIEW 22-03-2010
Click on the chart for enlarged view
--> In the above chart Sensex is trading 3rd time in tight range of 160 odd points. Breakout either side will give 160 points move.
--> 1st incident happened on BUDGET DAY, when sensex was trading in very tight as well as narrow range for 7 trading session and given breakout on 26th March 2010.
--> 2nd incident happened on 16th March 2010. Sensex was trading in tight range of 240 points and given upside breakout.
--> 3rd incident is in process. Now question arises here that RBI on Friday evening raised Repo & Reverse Repo rate by 0.50%. The impact of it will come on Monday morning, where as SGX Nifty closed down -74 points on Friday evening after RBI's move.
--> Traders need to be cautious as Sensex & Nifty has yet to discount the RBI move, which it will probably discount on Monday.
--> Immediate supports comes around 17400 & 17190.
--> While Resistance comes around 17700-17800.
--> Interest rate sensitive stocks could come under selling pressure next week.
--> Last week we have updated the Sensex technical view & mentioned about ranged trading of 160 points and sensex has given upside breakout and acheived target of 160 odd points. For details visit following link.
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