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Weekly Review for the Week February 9th – 13th 2009: Prakash Gaba

This article was posted on Feb 8, 2009 and is filed under Market Outlook

We said ‘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 market traded flat the entire week frustrating both the bulls and the bears in the process. It is now over a month that the market is trading in a narrow trading bend with no signs of direction.

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

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

source: Prakash Gaba

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