Weekly Review for the Week March 17th - (19)21st 2008 : PRAKASH GABA

Sensex: (15761)

Nifty: (4746)

14.3.2008

We said ‘Technical the market is at a very crucial juncture…and I go back to my analysis of some weeks back where I had said the previous Sensex low of 15332 could be tested as the next strong support exists at 15003 and 14942 but Nifty low of 4449 is a line in the stone…and if that goes then we are in rough weather’

The market unfolded as expected…the Sensex tested the previous low of 15332 but Nifty low of 4449 stood its ground…

Technically the analysis is still the same…we have a very strong support at 15003 and at 14942 on the Sensex front and our Nifty low of 4449 is still a line in the stone…we have just a three day week as Thursday & Friday is a holiday and the market is not likely to show any fireworks…yes…short covering could hold the market near our strong supports…

The crucial support for the Sensex is at 15003-14942 the resistance to the up move at 16550

The crucial support for the Nifty is at 4455 and the resistance to the up move at 4800

From a trading point of view I would cover my shorts, as bounce is a possibility

Happy Trading,

Source : PRAKASH GABA