Sensex, Nifty remains robust over 50-SMA support, show technical charts

While the trend looks fragile, key supports are continuing to bolster the up move

The India benchmark indices have been on a downward spiral since past 12 sessions, with overall sentiment experiencing an ambiguous bias.  While the broader trend continues to bolster a bullish trend, the short-term weakness has seen taking toll on traders and investors. 

So far this year, both the BSE Sensex and Nifty 50 have risen 8 per cent, reaching new historic peak. The trend has been resilient, holding key support areas.

To understand these supports, let’s consider the technical outlook:- 

Here’s the technical outlook of key Indian indices: -
 

S&P BSE SENSEX

Outlook: Support of 50-SMA

The candlestick formation reveals a