Quotes with Resistance & Support
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Weekly Review for the Week February 16th – 20th 2009

This article was posted on Feb 15, 2009 and is filed under Market Outlook

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.

Sensex: (9635)
Nifty: (2948)

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 weak 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.

source: Prakash Gaba

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