Sensex gapped up on friday but it closed the gap and closed below opening low.
Weekly candle in past week formed a thursting line, with its high at 16284 and low at 15330. The week was a roller coaster week. upward Thursting line is a bearish in downtrend. If sensex has to move upwards, it needs to show a good followup above 16284. Above 16284, the resistance is at 16413(50%) retracement of entire fall, above that the gap in the daily chart at 16700 will still be a resistance. Sensex needs to cross this range to continue uptrend. The kst oscillator is crossed below zero, the 5 day fast oscillator is at 80, nearing overbought zone. sensex has support at 15900 and 156009100 DMA). The stratergy could be to book longs and sell on rallies if sensex is not able to go past 16400 and then 16700.
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