The market action was inline with the outlook presented in this column last week – “the near term target now stands at 27555, the pace of the rally could slow down as there is a fresh new harvest of resistances right from 27280 to 27488; so it remains to be seen as to how the soon the Sensex manages to navigate the same.”
The Sensex managed to both of the weekly SL trigger levels given last week - 27019 (for conservative traders) & 26952 (for aggressive traders).
Going forward into this week, the outlook is slightly negative and uncertain in the extreme near term. The fresh upward impetus will come only above 27200. Likewise, the downtrend could accentuate below 26910. Let the markets stabilize a bit around 27000 – 27100, before taking a fresh directional call.
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