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Market outlook: Sensex, Nifty trend appears weak. It's time to be cautious

A rise in the Nifty has been used for squaring longs and shorting stocks. The medium-term support of 11,550 - 11,500 should act as a range for a bounce

Sensex and Nifty
Sensex and Nifty

S&P BSE BSE Sensex:  For the 30-share index, 39,500 is a key level to track. A consecutive close below this may trigger more sell-off. Last week, the index failed to cross 40,000 decisively, indicating selling pressure at higher levels. The formation on the charts also resembles 'Head and Shoulder' pattern, which suggests a further downside once the index starts trading below the neckline. The immediate support comes at 39,000 levels. However, if breach with strong volumes in next session may see the index head towards 38,600 – 38,400 levels. CLICK HERE FOR DETAILED CHART ...