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Suport fot the Nifty at 2870: Gaba

This article was posted on Feb 16, 2009 and is filed under Market Outlook

Technical Analyst, Prakash Gaba:We said ‘Technically the market is still not showing any signs of direction. So far the market could witness a small up move but I would be very cautious and watch the psychological 9000 mark, the break of which could weaken the market further. The crucial supports on the way down are at 9000-8600-8316-7840 and resistances on the way up are at 9539-9847.The supports on the way down are at 2750-2560 and resistances on the way up are at 2888-2972.

The market unfolded as expected and was mildly up and stopped right on our resistance on the Nifty of 2972, the high recorded is 2970.

The week ahead is a budget week and we have no idea what surprise is in store in the budget front but technically the market still looks up and has thrown in a very crucial support at 9445.

The supports are at 9445 and resistance to the up move is at 9824-10503.

The supports on the way down are at 2870 and resistances on the way up are at 3168-3266.

From a trading point of view I would be cautiously long as long as 9445 holds.

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