Weekly Review for the Week May 18th – 22nd 2009
We said ‘Technically the trend is still intact up though it looks tired in a strong resistance zone. The market may see an up move and if that happens then it is likely to be more of a sluggish up move as the markets seems to be exhausted here’
’
The market unfolded as expected and remained sluggish trading in a sideways zone with the market not gaining much and neither loosing much and stayed exhausted.
Technically I would still maintain that the trend is still intact up and has not been compromised. Our technical targets of 12569-12858 still stand valid. We have a strong cycle day approaching on 18th & 19th May, which are known as typical Pressure days. These are simple pressure days but attain importance on Pressure Points, which are 12569-12858, and until then I would say that the market is UP.
The crucial supports are at 11678 and resistance to the up move is at 12569-12858
The crucial supports on the way down are at 3520 and resistances on the way up are at 3734-3820
From a trading point of view I would stay long with close trailing stops to protect profits
source: Prakash Gaba
Tags: intraday tips, market trend, nifty support, prakash gaba, sensex resistance, weekly review
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