Weekly Review for the Week : 5th April – 9th April 2010

by khalid on 04/04/2010 · 0 comments

Prakash Gaba is a well known and sought after Technical Analyst and a fine Technical Trader. The analyst said ‘Technically the tend is still intact up though the market is in stretched mode…the market is likely to test the all time high of 5310 and in the trading days ahead and the crucial support to watch would be 5250 and strong supports exists at 5200’

The market unfolded exactly as expected…it tested the 5310 mark registering a new high and also bouncing from within our support zones and closed in the green for the week.

Technically the trend is still intact up though the market is in a stretched mode and looks sluggish…but the crucial level to watch would 5235…

The support for the Nifty is 5235-5200 and strong resistance at 5400-5500

The support for the Sensex is at 17500-17400 and strong resistance at 17800-18315

From a trading point of view I could trade long as long as 5235 holds.

Source : Prakash Gaba

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