See Sensex resistance at 15500, Nifty at 4600: CLSA

Laurence Balanco, Asian Technical Research, CLSA, sees major resistance on the Sensex at 15000-15500 and on Nifty at 4500-4600 levels.   Balanco said the long-term downtrend is still intact, despite short-term consolidation. He believes that the rallies will be short-lived on S&P and Dow. He thinks that the Nifty has a meaningful support at 3000 levels. The Sensex could fall to 8,900 if it were to break below 12,300 levels, he said.   Balanco would accumulate gold at USD 850-860 per ounce mark.

He feels crude oil prices are likely to move sideways in the short-term.