Have a look at above chart to understand the functioning of S&P BSE SENSEX and as we can see that Sensex is in a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise.
The index has given a positive signal from the rectangle formation by a break up through the resistance at 60434. Further rise to 70218 or more is signaled. The index is approaching support at 60500 points, which may give a positive reaction.
However, a break downwards through 60500 points will be a negative signal. The index is overall assessed as technically positive for the medium long term.
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