Weekly Review for the Week November 9th – 13th 2009
Published on Sunday, November 8th, 2009 at 8:30 PMAuthor: stockalert (2027 Articles)
We said ‘The market never closed above 5154 and weakened in the days but has managed to stay above the 4900 mark…technically the trend is still intact up as long as 4900 holds and it is this breach of 4900 that will somehow compromise the up move and we may trade down towards 4870 mark and until then the trend is still intact up. We now head into an F&O expiry and volatility is expected’
The market cracked the 4900 mark and compromised the up move and traded lower to 4700 mark the next strong support.
The market has now stopped at the 4700 mark and the oversold on technical parameters and so an up move or a sideways correction is not ruled out and whenever the market breaches the 4700 mark again then the next target on the way down would now be 4550-4400
The crucial support for the Sensex is at 15860-15356-15113 and logical technical target at 16600
The crucial support for the Nifty is at 4693-4550-4400 and logical technical targets at 4900
From a trading point of view I would continue to book profits on the way up…it never hurts.
Source : Prakash Gaba
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