The Sensex hit a all time high of 21321.50 on Diwali
and has turned
back since to where it was two weeks ago. The
immediate support
now comes at 20500. The short term trend will turn
negative only on
a close below 20500. If the index holds 20500, than
it can again rally
up to 21050 & 21321. Downward targets on breach
of 20500 is 20280
and 20050.
The Nifty recorded a peak of 6342.90 in the Diwali
session. The
Traders should watch the support of 6100 & 6080.
Reversal from
these levels can take Nifty to 6210 or 6260. Break
above 6342 can
take it up to 6500 level. Targets on breach of 6080
level is 6020 and
5950. The medium term trend will turn negative on a
close below
5900 level. Investors and traders need to stay
cautious.
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