Weekly Review for the Week October 20th - 24th October 2008
>> Sunday, October 19, 2008
We said ‘Technically the market still looks weak and there is no sign of strength so far, but the market has a very strong support near at 9700, the market has seen a low at 10240, which is just 540 points away. The market is poised to bounce back anytime, the more it goes down fast the more it sets up to bounce back’ The market yet again unfolded as expected and has broken the crucial 10000 mark and has created history, our support of 9700 is just 211 points away from the low. 9705 is very strong support but will the market bounce from here is a big question mark. Technically the market still looks weak and there is no sign of strength so far the next level to watch beyond 9705 is 9325 and 8508 and 2908 on the Nifty front. If the market is UP on Monday then a sharp short covering reaction is not ruled out and that is a BIG if. The supports on the way down are at 9700-9325-8508 and resistances on the way up are at 10919-11542 The supports on the way down are at 2908-2871-2731-2628 and resistances on the way up are at 3324-3496 From a trading point of view I would be short but cautious as sharp reactions are not ruled out
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