Sensex Technical View:
Yet again Sensex is on the brinks of an important resistance. Will it be able to cross it ? The answer is Yes but the difficult question is When.
Sensex would find it difficult to cross above 20300 in the current move and it could dip from closer to 20200-20300 or stay sideways before gathering strength for the next move.
The range for now seems to have shifted to 19500-20300.
At the current juncture the best thing would be to avoid leveraged longs and stay on sidelines till 20300 gets crossed. Medium term outlook remains positive but the strategy is to buy only on dips to sell on rise till we dont see a confirmatory move.
61% retracement comes around 20300. Also the recent top comes at 20217. Technically we need to wait for some more time but a consolidation is what this market needs.
For now sectoral moves are giving good trading moves. Sugars then Metals.
Hindalco and Sterlite have given good moves trader can book profits.
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