We have maintained that the long-term trend is up as long as the Sensex does
not go below 17,000-17,500 on a weekly-closing basis. At 16,500 comes the next
major support and further down,
at 15,500. This does not mean that the
index is headed there, though there is a tendency towards excesses during major
declines. While the classic definition of a bear market is a 20% decline from...
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