MTECHTIPS

MTECHTIPS:-SENSEX
The SENSEX gave a flat opening in early trade yesterday, but the index traded in a very small range till afternoon. But in afternoon trades the index dipped sharply to close lower with losses around the days lows.The index intraday is expected to open positive taking cues from the firm Asian markets. The gap down caused due to the island reversal 14 trading sessions ago is still open and the descending triangle is also taking full effect as the Sensex is narrowing down towards the end of the triangle. Sensex has to cross and hold levels of 17260,failing to do so , Sensex can dwindle down to 17050 levels to 16960 levels. On the other hand if Sensex crosses and holds 17260 levels then levels of 17370-17400 are on the cards for sure.