The SENSEX opened the session with nominal gains and traded on a very stable note throughout the day’s trade. The index spent the majority of the day’s trade within a narrow range of 18520—18600 levels. The SENSEX finally closed the session at the 18,608.81 levels with smart gains of 106 points.
The overall market breadth remained stable and positive throughout the day’s trade as the advance decline ratio closed in favour of the advances in the ratio of 2:1 Most of the sectoral indices closed the session on a flat note but the Capital goods index helped by a smart gain in L&T witnessed a gain of 1.40%. The Power index also closed the session with a smart gain of 1%. The Consumer durables index with a cut of 0.60%.
The SENSEX has rallied close to 750 points from the lows of 17850 levels to 18600 levels over the past few sessions of trade. This smart up move has helped the index register a close above its key medium term moving average. We reiterate that the 18700 levels is a key resistance for the SESNEX on the upside and further upsides from current levels can be seen only if the SENSEX closes above the 18700 levels for a few sessions.
Pullbacks from current levels will find support between the 18300 to 18100 levels.
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Today’s supports for the SENSEX are placed at the 18350 and 18475 levels whereas resistances are placed at the 18750 and 18850 level
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