Weekly Review for the Week November 17th - 21st 2008.

Sensex: (9385)

Nifty: (2810)

14.11.08

 

We said ‘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 market violated the 9631 levels and lost ground and closing in the negative for the week.

 

Technically the larger trend is still intact up. The low for the week is also a key technical support. The market is now at Make or Break levels and the set up is  just right and bias is UP. But if 9257 breaks then the market will proceed towards the 27th October low which is very strong support to deal with.

 

The supports on the way down are at 9257-8650 and resistances on the way up are at 10708-11275

 

The supports on the way down are at 2746-2542 and resistances on the way up are at 3168-3389

 

From a trading point of view I would be long as long as 9257 holds

 

Happy Trading.

Source: - Prakash Gaba.