Weekly Tech Analysis: Trend may remain down till March-end
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Weak global cues and selling by foreign institutional investors (FIIs) saw markets end weak for the third straight week. Moreover, they continue to register lower highs and higher lows during the period, which is a negative sign.
The Sensex touched a high of 16,553, but eventually ended with a loss of 442 points at 15,916. At the week’s low of 15,725, the index was down almost 10 per cent on year-till-date basis. With the Budget just three weeks away, any hope of a pre-Budget rally relies strictly on the fact that the major indices are close to long-term (200-day daily moving average) support levels. Continue reading…
(Source: Business Standard)