Sensex to go to 15,500 levels

Laurence Balanco, Asian Technical Research at CLSA, said the close below 200 DMA is a huge negative and sees more resistance now in markets. He expects markets to test January lows and Sensex to go to 15,500-15,700 levels.

He reasons that the rebound from January lows has resulted in lower highs and that it will not be a bear market until they go below January lows. There is more downside in momentum stocks in the utility sector.