Technical view weekly forecast.

>> Sunday, November 2, 2008

Sensex: (9788)

Nifty: (2886)

31.10.08

We said ‘Technically the market still looks weak and there is no sign of strength so far but 8508 on the Sensex and 2517 on the Nifty is a strong support to deal with, the crack of which could see the Sensex slide down the next level of 8048 or 2411 on the Nifty. We are now heading into an F&O expiry week and so sharp reactions are not ruled out’. The supports on the way down are at 8508-8408-7613 and resistances on the way up are at 1911.

The market-opened weak as expected and bounced back from closer to our supports of 7613 in the F&O expiry week. Sharp reactions too came in as expected.

Technically the markets are looking firm and are expected to trade higher and we are heading into a psychological 10000 mark. The pressure day to watch for is 4th November.

The supports on the way down are at 9297 and resistances on the way up are at 10527-10763-11597

The supports on the way down are at 2781 and resistances on the way up are at 3168-3346

From a trading point of view I would be long and book profits if I see a selling pressure.

Happy Trading,

Source:- Prakash Gaba.

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