As we had mentioned in the previous post the sensex continues to show wild swings and volatility and still remains on fragile footings. Its range has been between slightly below 17000 to around 19000 and the medium term trend can be considered sideways as long as it remains above the support line of 16950 and confirmation of the bullish trend can be only above 19000.
Short term trend though remains slightly negative due to CSO admission that the economic growth rate is likely to be 8.7% instead of 9.5% and weak global cues due to bear onslaught on the back of subprime and consequent US economy blues. The market therefore remains sell on rise atleast for now.
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