Sensex can hit 49,000 mark in 2020, technical charts suggest

As calendar year 2019 (CY19) draws to a close, investors are preparing to usher in the New Year with cautious optimism amid hope of a recovery in economic growth aided by cut in interest rates by the Reserve Bank of India (RBI).

Here’s how key indices look on the technical charts.

S&P BSE Sensex: The index formed a strong bottom around 36,000 levels, which should act as a turning point in calendar year 2020 (CY20) in case the markets correct. Also, the index has managed to hold ground above the 40,000 mark, which will remain an immediate support from