Weekly Review for the Week December 29th – Jan 2nd 2009
PrakashGaba: We said ‘Technically the trend is still intact up and is not compromised as yet. We have a truncated week ahead with Christmas and thereafter a holiday seasons approaching. The extended targets beyond 10324 would be 10708 if the up move continues. We could see some loss of momentum but strong supports exists around 9600. The crucial supports on the way down are at 9600 and resistances on the way up are at 10324-10708.
The supports on the way down are at 2950 and resistances on the way up are at 3113-3168.
The market saw the high on Monday at 3110 and cooled off. Our targets got achieved and thereafter the crucial supports too got breached.
Technically the Market has cooled off and is likely to be down in the days to come unless strong support emerges.
The crucial supports on the way down are at 9160 and resistances on the way up are at 10000
The supports on the way down are at 2750 and resistances on the way up are at 2950
From a trading point of view I would be short and cautious.
Source : PrakashGaba
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