Weekly Review for the Week May 14th - 18th 2007
Gandhi Kutir
BSE Sensex:
(13796)
Nifty (4077)
11. 05. 2007
We said 'Technically the move from the lows of 13694 to the high of
14189 looks reactive in nature... and so there is a god possibility of
the market softening in the coming days despite the trend being in
tact UP... and if by any chance the market does take out the high 14189
then the levels to watch on the upside would be 14567'
The market unfolded as expected...softened in the entire week and
closing in the negative and at the same time finding some kind of
support near of support regions of 13499...
Technically the market is still in sell mode but structurally...the
place for a bounce back is just right...it may take some time in these
sideways regions but the own side seems to be limited and on the
upside the market may proceed to 14050-14185 levels in the days to
come...
The support for the Sensex still is at 13594-13499-13311 the
resistance to the up move at 14050-14185-14255-14356
The support for the Nifty is at 3988-3917 the resistance to the up
move at 4175-4196
>From a trading point of view I would be cautious on the short side but
would prefer to go long when I find strong supports to deal with