SENSEX is now on the brink of entering a multiple resistances zone once again. It ran upto the first minor resistance around 17500 and retraced to gather some steam before attempting to surpass major resistance at 17735. With the results season starting only in Jan 10 and FII not likely to be active buyers from 3rd week of this month it looks difficult that it would either attempt to breakout this resistance before Jan 10 or if it breaks out it would be difficult to sustain that level. Technically too the multiple resistances ahead do not bode well for the index for near term. Bulls have an uphill task and the index has a bumpy ride ahead due to the speed breakers.
Please click on the chart to see all the resistances.
1 comment:
thank you
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