Vishwas Agarwal
The next support level is 15,350: Vishwas Agarwal Today India`s benchmark index, Sensex, ended the day on a weak note on account of intense selling pressure in heavyweights and negative global cues. The sensitive index opened on a firm note in the morning trades and continued to trade in the positive in the first few hours. Later, it slipped into the negative, touching a low of 15,467.46 in the intraday trades. The BSE Sensex fell by 0.64%, or 99.37 points, to close at 15,504.43. Commenting on today`s move, Technical Analyst, Vishwas Agarwal, said, “Federal meeting fear is keeping the trader away from the market.“ He added, “I don`t think any major problem will come and after 2-3 days of consolidation, market will start moving up.“ Looking at the current level and volumes in the market Vishwas said, “If Sensex falls below 15,555, the next support level is 15,350, however, the overall mode of the market is strong and it is not in overbought zone“. Showing his concern on tomorrow`s Federal meeting in the US, He said, “ Any bad news can create panic in the traders mind and some correction can happen.“ Vishwas giving a word of caution to the investors says, “Don`t panic just sit and watch.“ Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. IRIS has obtained information from sources, which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
