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Sensing Sensex

3rd April

This week the BSE - Sensex opened with a gap of 69 points at 3666.70 and closed at 3684.24, 88.66 points higher then the last week's closing. The weekly bottom was formed on the first Trading Day i.e. 3639.63 and the weekly top of 3781.97 was formed on the second Trading Day. This weeks the spread was only of 97.79 points whereas the normal weekly speed of BSE - Sensex ranges between 150 - 200 points. It happened because of three trading sessions instead of five in this week.

In the weekly Bar chest, this week Bar could neither penetrate the earlier week's top of 3784.81 nor it could breech the earlier bottom of 3554.38. So, this week Bar remained pregnant. The Patterns formed on the charts project more of strength and less of weakness in this Sensex.

Now the Sensex starts the journey from 3686.24. One the higher side the first level of resistance is at 3745. Without crossing it, the Sensex shows no strength in the weekly charts. And to confirm the grip of the Bulls on the market, the Sensex should cross 3785 with heavy volumes and sustain above it on the lower side, the support level for Sensex is 3641. On breaking this level Sensex will start showing weakness. The lower it goes, the weaker it becomes.