Support for Sensex at 17400-17200: Gaba

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Technical Analyst, Prakash Gaba:

We said 'Technically the trend is still intact up but looks like the market is likely to find some selling pressure near the 5175-5250 levels and crucial support exists at 5100 levels, so looks like more of a sideways trend'.

The market unfolded positive as expected and has stopped right near our strong resistance of 5250.

We are now into an F&O expiry week and we have a truncated week with a holiday on Wednesday. Technically the trend is still intact up though the indicators are in stretched mode and we are likely to see volatile sessions with close around the 5300 levels. The crucial level to watch would 5220, as the break of 5220 would reveal a first sign of weakness, 5250 is the first line of defence.

The support for the Nifty is 5220 and strong resistance at 5300.

The support for the Sensex is at 17400-17200 and strong resistance at 17800.

From a trading point of view I could trade long as long as 5220 holds.