During the last week SENSEX made a very smart move on expectations and then confirmation that SINGH IS KING but only managed to retrace upto 50% levels before the euphoria dying down and the index starting its downward journey again. By this count it looks very weak and very bearish The last strong support is at 12344 which is just slightly below the recent low of 12500. The general consensus in the market is that the worst is over and 12500 should act as a medium term bottom however technically there is a possibiity of it going down unless it moves above 15750 and sustains there. The market therefore remains sell on rise and buy on deeper dips.
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