BSE SENSEX on long term ( Monthy & Yearily ) Charts have rightly given a bigger upmove as predicted above the Channel line shown above, since the year end of 2008. Refer to the post dated 28th December 2008 ( http://rjsharetips.blogspot.com/2008/12/bse-sensex-long-term-trend_8126.html )
Huge fall in the year 2008 from all time high of 21206 was rightly a correction phase, in the long term Bull run which started in 2003. Morever BSE SENSEX has made an intermediate high of 17790 in the month of DEC 2009 which will be strong resistance. Major resistance for the BSE SENSEX is 17790 - 17900 level. Further Sensex likley to consolidate with -ve bias within a broadrange of 13900 - 17900. A fresh move above 17900 will lead markets to new top above the previous highs. ( Advisable to use uprally to exit stocks and reinvest above 17900 ).