The SENSEX opened the session on a bearish note on the back of weak cues from its global peers.
The index spent the early part of the day’s trade in the negative territory but started to recover from its day’s low as the session progressed.
The SENSEX finally recovered all of its intraday losses by the end of the trading session and finally closed at the 18266 levels and remained unchanged as compared to the previous session.
The overall market breadth that opened on a weak note recovered as the session progressed and the advance decline ratio closed equally in favour of the advances and the declines in the ratio of 1:1 The Consumer durables index led by a smart gain in itsheavyweight Titan Ind. closed the session with a gain of1.50%.
Metal index was the biggest loser amongst the sectoral indices as it closed the session with a cut of 1%.
Rest of the sectoral indices closed on a flat note.
The SENSEX once again bounced back from its support levels of 18000—18100 levels during yesterday’s session.
A close below the 18000 levels would lead to extremely bearish outlook on the markets. The 17700—17500 levels would be the downside targets on the SENSEX, if the index breaks below the 18000 levels.
On the other hand, the SENSEX would remain within the broad trading range of 18000—18600 levels if the index holds on to the support levels of 18000—18200 levels.
The near term and short term moving average clusters placed between the 18400—18550 levels will act as stiff resistancefor the index on the upside.
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