Resistance for the Nifty at 3113-3168: Gaba

(My Original Blog Post: http://www.onlineequitycalls.com/2008/12/resistance-for-the-nifty-at-3113-3168-gaba/)
Technical Analyst, Prakash Gaba:

We said ‘The structure is indicative that the market may once again trade in sideways range with no clear signs of direction so far witnessed on the charts. Our upside target of 10324 still remains with strong resistance around 9635 levels zones’.

The market unfolded as expected with three days of sideways movement and finally breaking out to close positive for the week despite negative industrial numbers indicating firmness in the days to come as negative news is being discounted by the marketTechnically the trend that started on 27th Oct 2008 is still intact UP and our upside target of 10324 still remains with some resistance being encountered around 10000 zones.

The crucial supports on the way down are at 8650 and resistances on the way up are at 10000-10324-10708.

The supports on the way down are at 2800 and resistances on the way up are at 3113-3168.

From a trading point of view I would be long in the market.

Source : MoneyControl