The Sensex bounced back smartly after touching a low of 20,493 on Tuesday, boosted by the fact that the RBI lowered the MSF rate by 25 basis points.
The Sensex has crossed the weekly R1 and R2, but is yet to give a positive signal on the R3 (resistance 3). The Sensex needs to break and sustain above 20,975-odd levels for further gains.
On the flip side, in case, the BSE index is not able to sustain above 20,780, we may witness downward pressure in the markets.
As per the daily Fibonacci charts, the Sensex may seek support around 20,755-20,700-20,645, while face resistance around 21,030-21,160-21,215.
Click Here for the complete analysis.
The Sensex has crossed the weekly R1 and R2, but is yet to give a positive signal on the R3 (resistance 3). The Sensex needs to break and sustain above 20,975-odd levels for further gains.
On the flip side, in case, the BSE index is not able to sustain above 20,780, we may witness downward pressure in the markets.
As per the daily Fibonacci charts, the Sensex may seek support around 20,755-20,700-20,645, while face resistance around 21,030-21,160-21,215.
Click Here for the complete analysis.
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