Weekly Review for the Week November 10th - 14th 2008

>> Sunday, November 9, 2008

Sensex: (9964)
Nifty: (2973)
7.11.08

We said ‘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 market traded firm for the entire week and finally giving up some of its gain on the 5th instead of the 4th Nov and getting stuck below our psychological 10000 mark.

Technically the larger up move is still intact and the technical targets in the days to come would be 11588 but the crucial level to watch for would be the break of 9631, as that would negate the up move.

The supports on the way down are at 9631 and resistances on the way up are at 10527-10763-11588

The supports on the way down are at 2860-2781 and resistances on the way up are at 3168-3346-3450

From a trading point of view I would be long as long as 9631 hold

Happy Trading.
Source: - Prakash Gaba.

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