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Sensing Sensex

26th March

This week BSE - Sensex opened at 3691.52 and after having a fall of approximately 40 points it began arising. In the first trading session it went to 3730.43 and closed at 3713.18 indicating strength in the market. On Tuesday it formed the weekly top at 3784.81. it was on Wednesday that the market showed signs of weakness. After opening at 3768.91 it gained only four points and then began falling till 3618.60 but closed a bit higher at 3682.69. This technical weakness proved correct on Friday when Sensex fell by 88 points and closed at 3597.58.

In a nutshell, Sensex opened at 3691.52 and closed at 3597.58 with weekly top at 3784.81 and bottom at 3554.38.

In the weekly charts, weakness in the Sensex is quite clear. Next week Sensex shall definitely go below the level of 3554.38. The support level for Sensex on the lower side is 3514. It is quite likely that fall is arrested before Sensex breaches 3514. If it proves correct then the next weekly closing should be higher than this week's closing.

On the other side, if Sensex breaches the support level of 3514, then the whole scenario undergoes a change. A Sensex taking a free fall of atleast 50 points from 3514 is not ruled out. The chance of Sensex taking higher weekly closing then this week will weaken to a great extent.