As we see from the chart Sensex has completed the 61% retracement and come close to the top of the channel which has been discussed in the previous updates. The zone of 9100-9250 becomes a very important barrier in near term.
On further upmoves to 9100-9250 levels the index may get overbought ( as seen frm RSI chart posted ) it needs to be seen whether it stalls in this zone or gives some confirmatory reversal signal. Only a sustained move beyond 9300 would mean a breakout and may even create a new move to 9700 + and closer to the upward resistance line ( orange )
TECHNICAL ANALYSIS SESSION MUMBAI --- MARCH 28-29
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