MARKET OUTLOOK MAR 09, 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

16936/888

17079/034

SENSEX – 17102.60

17128/188

17240/276/330

5073/57

5117/03

NSE - 5124.00

5132/50

5166/77/94
 



OVERVIEW & BRIEF TECHNICAL

 Rally post DC crosses 61.8%

Decline from 17712 was read as "Double Combination" (DC). For which we had said that post DC thrust will be maximum 80%. It can stay below 80% but should not go beyond that.

So far, we have witnessed, though not very euphoric, a non-stop rally which today, crossed 61.8% retracement mark to the previous decline. Market is therefore still up but vulnerable to attract selling in and around current price zone.

Strength will be above 17188 while, weakness below 17034. traders should ride their long positions with a stop loss below 17034. Higher levels i.e. near 80% retracement zone, we may attempt some shorts too.

Supports for the day are at 17079/17034/16936/16888 while, resistances are placed at 17128/17188/17240/17276/17330.


 

 
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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.