Market had traded sideways for few days. Selling pressure has been trying to reverse the trend as buyers are not able to support the recent uptrend with ease.
Sensex has support at 18980 level and has resistance at 19600. As we wrote before 6 days, crossing 19600 is likely to remain a challenge.
The market has traded sideways during last two days as noted in previous ‘Market Outlook’. Overall, many of the market participants are showing caution to the FDI vote and its possible impact on the market.
SENSEX has support at 18990 while it faces resistance at 19430 & 19600 levels.
We expect the market to continue the upmove with good support at 18990 level. Look-out for Target of 19470 & 19600 levels. Booking partial profits at current levels should note hurt. Avoid short positions at least for now.
The market is likely to see some sideways movements for few days and the focus is likely to remain on the action from Indian government steps on new reforms & policies.
With still not much clarity over the possible outcome of the FDI voting in the parliament, the market is likely to feel the heat from the event.
SENSEX has good support at 18990 levels while resistance is developed at 19430 & 19600 levels.