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Weekly Review for the Week January 27th – 30th 2009: Prakash Gaba

This article was posted on Jan 26, 2009 and is filed under Market Outlook

Sensex: (8674)
Nifty: (2679)
23.1.09
Prakash Gaba: We said ‘Technically the market is still weak but has found supports near the psychological 9000 mark and is likely to be hold out and now if it trades above 9400 then we likely to see even level of 9708-9988 but if 8845 goes then it 8500 is a reality too’

The market unfolded yet gain as expected and closed negative for the week but taking care to return just from our resistance of 9400.

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 crucial supports on the way down are at 8316-7840 and resistances on the way up are at 9020-9112

The supports on the way down are at 2560-2410 and resistances on the way up are at 2764-2709

From a trading point of view I would be cautious and trade volatility

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