Sensex
Next medium term target for the Sensex is between 17,400 and 17,900. Close below 16,000 is needed to put the positive medium-term outlook in jeopardy.
The bottom-line is that we do not have trend reversal signals on the charts yet and the rally can progress a little further. But only the most agile traders should be playing this up-trend since the decline that follows can be quite steep.
The three-day trading week ahead could see range-bound trading with a positive bias as most market participants take a much-earned break.
Short-term supports for the Sensex are 16,380 and 16,000.
Traders can buy in declines as long as the first support holds. Short term targets are 16,940, 17,100 and 17,375.
Text & Images: Business Line
Also see: Weekly wrap: Markets trade on cautious note | Week ahead: Market to see stock specific action
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