MARKET OUTLOOK FEB 08, 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.

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SUPPORT TODAY'S MARKET LEVEL RESISTANCE
2 1 1 2

15725/590

15890/808

SENSEX – 15915.65

15951/982

16075/130

4698/57

4749/24

NSE - 4757.25

4768/77

4806/23
 



OVERVIEW & BRIEF TECHNICAL

 Decline is suspected to be unfolding as "Diametric"

After confirming the reversal from 17650, we have been telling our clients and readers that, any up move during this decline will be corrective in nature which will maintain lower Highs only to decline again.

One may observe on given 60 minutes chart, proving the same that 'a' to 'b' and 'c' to 'd' are corrective rallies maintaining lower Highs.

Day after day, as more price action unfolds, the more clear set up emerges. We suspect, the entire decline may reach its destination in a pattern called 7 legged 'Diametric". It is evident on the given chart that 'd' is an expansion point and hence such Diametric will be Diamond shaped.

We may be currently in wave 'e' to 'f' rally from 15725 which will again restrict to limited upside with lower High, only to fall down for 'g'. Current wave 'f' may find resistance in the region of 15982-16130.

Traders are advised to be light, while in counter trend rally of wave 'f' and short rather aggressively on such rallies. Supports for the day are at 15890/15808/15725/15590 while, resistances are placed at 15951/15982/16075/16130.
 

 

 
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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.