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TRADING ON TECHNICALS
Resistance hangs overhead once again
By Hitendra Vasudeo
Last week, the BSE Sensex opened at 19473.93, attained a high at 19811.14 and fell to a low of 19388.12. The Sensex finally closed the week at 19451.45 and thereby showed a net rise of just 31 points.
On the weekly chart, a long legged doji has been formed, which indicates a halt to the rise. We may see sideways movement or near term correction to begin with of the last corresponding rise from 17792 to 19811. The retracement levels are placed at 19044-18805-18567.
A Time Communications Publication 3
On the daily chart, the trend line resistance is seen in a higher range. The trend line drawn is from point 21108 and 20664. The 161.8% projection will be tested, which is at 20064.
Wave x could be complete now or could end at 20664.
Weekly resistance will be at 19550-19712-19811. Weekly support will be at 19289-18866.
Resistance of 19712-19811-20064 must be crossed to keep the hope alive for a rally. The near term correction or downside movement for Wave Y beginning cannot be ruled out, which will have a downward direction.
Broad Market
The expected level for BSE Mid Cap index of 7290 was tested by making a high of 7309 and it closed at 7173.50. Support is at 6983. A further rise can be witnessed above 7310 for 7532.
The BSE Small Cap index tested the expected range of 8930-9258 by making a high of 8974. Support will be at 8360. Weakness can be seen below 8360.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
TRADING ON TECHNICALS
Resistance hangs overhead once again
By Hitendra Vasudeo
Last week, the BSE Sensex opened at 19473.93, attained a high at 19811.14 and fell to a low of 19388.12. The Sensex finally closed the week at 19451.45 and thereby showed a net rise of just 31 points.
On the weekly chart, a long legged doji has been formed, which indicates a halt to the rise. We may see sideways movement or near term correction to begin with of the last corresponding rise from 17792 to 19811. The retracement levels are placed at 19044-18805-18567.
A Time Communications Publication 3
On the daily chart, the trend line resistance is seen in a higher range. The trend line drawn is from point 21108 and 20664. The 161.8% projection will be tested, which is at 20064.
Wave x could be complete now or could end at 20664.
Weekly resistance will be at 19550-19712-19811. Weekly support will be at 19289-18866.
Resistance of 19712-19811-20064 must be crossed to keep the hope alive for a rally. The near term correction or downside movement for Wave Y beginning cannot be ruled out, which will have a downward direction.
Broad Market
The expected level for BSE Mid Cap index of 7290 was tested by making a high of 7309 and it closed at 7173.50. Support is at 6983. A further rise can be witnessed above 7310 for 7532.
The BSE Small Cap index tested the expected range of 8930-9258 by making a high of 8974. Support will be at 8360. Weakness can be seen below 8360.
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