Sensex Technical View:

Just picking up the lines from the earlier detailed report of

Sensex at 16k/ Global Indices /Crude crucially poised. Time to be optimistic not scared

Even if one is bearish I would expect a bounce back to first set in from 16k levels. And if one is bullish then before going to 18500 it has to first touch 17k in between. So a bounce back trade is definitely low risk high returns

Bang on Sensex makes a low around 15960 and has bounced back to 17k ! As i have mentioned in my Probablility Chart that we would review the scenario around 2nd week of June by which time i would expect the orange part of the move be done i.e a move to 17k-172500.

Technically we should now pullback a bit from this band or at least take a pause for a few sessions. We would review the same in the middle of coming week.

Bottomline : Those who bought on our call at 4800 are at gains of 300+ points on Nifty should now book profits and enjoy the weekend.

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