Sensex has support at 14100: SKP Securities
Published on Friday, September 12th, 2008 at 4:04 AMAuthor: admin (5507 Articles)
According to SKP Securities’ Technical Analysis report, Nifty has its support at 4255/4200 and resistance at 4410/4535/4600. Corresponding levels for Sensex are 14100 and 14540/14700 respectively.
SKP Securities’ Technical Analysis report:
Sensex closed at 14324, down by 2.31 % and Nifty closed at 4290down by 2.50 %. The level of 14590-14650 has failed to provide adequate buying support and bears were able to send the market to the next influential level of support posted at 14300. Now many bullish traders will watch for the horizontal trend line (currently at 14300) to act as a support and they will likely watch for the price to bounce higher from here. Overall as the medium term technical outlook still looking good we expect the short term downtrend rally will be exhausted around this level and market will rebound to test the level of 15130/15500 over the next couple of weeks. However, below the level of 14300 market will likely to test the level of 14000 before any rebound will unfolds. Nifty has its support at 4255/4200 and resistance at 4410/4535/4600. Corresponding levels for Sensex are 14100 and 14540/14700 respectively.
Subscribe to my newsletter filling the form below. I'll try to make you happy.
Related Posts :
|
|
|
Market Live |
|
|
Loading ...