The SENSEX gave a negative opening taking cues from the world markets, and the index traded in a small range after the opening, failing to take direction. Some recovery was seen in the afternoon, and the index dipped again as it failed to hold on to the gains.Sensex closed lower but it did not make a new low, which suggests that some support based buying is still persistent in the markets even at lower levels. Today Sensex has to cross 17520 and hold 17400, in order to make an up move towards 17650-17700 levels. On the flip side if the index falls below 17300 then it may see profit taking till 17100-17000 levels too. The selling pressure intensified after Morgan Stanley today lowered India’s growth forecast to 5.1% for the current fiscal, from its earlier estimate of 5.8%.
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