MARKET OUTLOOK MAR 12, 2009
 BY
MUSHTAQ KHAIR
 


This report contains 1) Market Levels for the day 2) Technical View on the market 3) Index Chart with labeling. Aimed at educating traders and investors at large.

      Email: analyst_mhk@hotmail.com
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SUPPORT TODAY'S MARKET LEVEL RESISTANCE
2 1 1 2

16936/888

17115/054

SENSEX – 17167.96

17215/276

17330/403

5062/47

5117/5098

NSE - 5133.40

5147/66

5183/5205
 



OVERVIEW & BRIEF TECHNICAL

 Marching towards 80% retracement zone

After initial rally from 16167, market stuck up in a sideways range which was sort of running correction in nature. Such running corrections exhibit positive bias only to resume preceding directional move, and this made us believe that, in order to reach post DC thrust implication, market will surge up, which eventually seems to have come true.

After 5 up bars and 2 down bars, SENSEX has probably taken off for the target of 17400. Strength will be above 17215 and weakness below 17027.

As long as 17027 is saved, traders should ride long positions for the given target. Supports for the day are at 17115/17054/16936/16888 while, resistances are placed at 17215/17276/17330/17403.

 

 
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LONG TERM MARKET VIEW ... Authored in Sept. 2005
(Latest long term view will be updated soon)
 

Feedback and comments are invited from the readers.
analyst_mhk@hotmail.com

DISCLAIMER:
Authors recommendations are solely made with the purpose to educate the market participants/traders/investors and to enable them to derive maximum benefits by acting upon them. while due care has been taken in preparing these comments, no responsibility will be assumed by the author for the consequences whatsoever, resulting out of acting on these recommendation.