Weekly Review for the Week April 27th – 29th April 2009
We said ‘Technically the trend is still intact up and the next technical target in the days to come is 11695 if the market continues its journey up, we may see some hiccups as the market is in a stretched territory, there is also a possibility that the market may react and if that happens then we have a strong support at 10761-10099’
The market unfolded as expected moving up closer to our target 11695 and ahs closed positive…
Technically the trend is still intact up and the next technical target in the days to come still is 11695, we may see some hiccups as the market is in a stretched territory and also in an F&O expiry plus we also have a long weekend ahead of the election.
The supports are at 11070 and resistance to the up move is at 11695
The supports on the way down are at 3300 and resistances on the way up are at 3527-3734
From a trading point of view I would stay long with close trailing stops to protect profits
SOURCE: Prakash Gaba
Tags: 27th april 2009, market review, nifty technicals, prakash gaba, sensex technicals, tom market review
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