Expect 32483 to be tested

Money Times - - Trading On Technicals -

Last week, the Sen­sex opened at 34689.39, made a high at 34748.69 and moved to a low of 33291.57 be­fore it closed the week at 33349.30 and thereby reg­is­tered a net fall of 966 points on a week-to-week ba­sis.

Daily Chart

The down­side move­ment con­tin­ues and the Sen­sex may test the last swing bot­tom of 32483 in the near-term. Re­sis­tance con­tin­ues to be at the higher range even when the Sen­sex tries to move higher on in­tra-day ba­sis or gap-up open­ings at times. The re­sis­tance lev­els are placed at 33776-34300.

Weekly Chart

The mar­kets may re­cover from the sup­port of 32483. If the Sen­sex sus­tains be­low 32483, then expect 30024, 29077 and 25717 to be tested. The re­sis­tance lev­els are placed at 33796-34301-35605.

BSE Mid-Cap In­dex Weekly chart:

A fur­ther down­side mo­men­tum may con­tinue be­low 13500.

The re­sis­tance lev­els are placed at 14170-14710. A rise and close above 14710 may bring about a re­ver­sal.

BSE Small-Cap In­dex Weekly chart:

Expect down­side mo­men­tum to con­tinue be­low 13396. The re­sis­tance lev­els are placed at 14141-14751.

Strat­egy for the week

Exit long and sell on a rise to 33796-34301 with a stop loss of 35606. Expect the Sen­sex to test the lower range of 32844-31387. If the Sen­sex breaches 32483, sell fur­ther for a slide to­wards 31081 to even­tu­ally see 28651 and 26213.

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