Quotes with Resistance & Support
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Weekly Review for the Week February 2nd – 6th 2009

This article was posted on Feb 1, 2009 and is filed under Market Outlook

Sensex: (9424)
Nifty: (2875)
Prakash Gaba: We said ‘Technically the market is still weak and has not shown any signs of strength as yet, we now head into an F&O expiry week and volatility can be witnessed but the bias is weak’

The market unfolded as expected…weak and then bounced back due to F&O expiry fuelled by short covering.

Technically the market has shown signs of resilience and holding out on the very first day of the new F&O series indicating strength. Structurally the market gives an indication that the market is heading up in the days to come and shorts should be heading to cover.

The crucial supports on the way down are at 8316-7840 and resistances on the way up are at 9768-9931-10076

The supports on the way down are at 2560-2410 and resistances on the way up are at 2962-3005-3043

From a trading point of view I would be long.

source: PrakashGaba

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