Anand Rathi Securities in its market insight says that BSE Sensex and Nifty have exhibited a narrow bearish candlestick, that indicates the trend was sideways with a slight negative bias. Based on the chart pattern developed to date, the Nifty faces resistance at around 3250-3275 level and thereafter at around 3300 level.Sensex faces resistance at around 11,000-11,200 level. On the support front, the technical support for the Sensex is around 10,600 level and the support for Nifty is around 3120 level.Technically, breach of these support levels may have bearish implications and may indicate that the current upmove has run its course. Hence, one may use these levels as the stop loss levels for long positions for the time being.
