In an attempt to come out from bear grip and on the back of soothing monsoon forcast the SENSEX made a smart short covering rally or a technical bounce. It is now very close to the head and shoulder neckline around 14460 and this should prove to be a very strong resistance if the market wants to continue further follow up downward journey. Once it crosses this resistance the next resistance is around 14850. This is a falling bear resistance and market can look to gather momentum only after crossing it, otherwise only sideways movement can be expected.
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