Technical view for Wednesday, 10th September, 2008.

Markets took support near the first levels of 4432-4407 (Nifty) before staging a recovery in the second half of trade yesterday. For today the resistance level is placed at 15147 (Sensex) and 4542 (Nifty), above which we will have a continuation of this rally. In the mean time, one should use the declines to go long. In addition, there is a crucial trend line resistance for the Nifty which is placed for today at 4478. Thus a close above 4478 will also be a bullish sign for the markets.

The upper trading targets are placed at 15147-15854 (SENSEX) & 4542-4692 (NIFTY).

The lower supports are placed at 14772-14685-14554-14424 (SENSEX) & 4432-4407-4368-4329 (NIFTY).

One can again buy the fall between 4432-4368 (Nifty) with a view to sell higher. The stop loss can be placed below 4329.

Technical view for Thursday, 26th June, 2008.

The markets came close to the crucial support levels of 13538 & 4032 before bouncing back. Ideally, if the rally needs to sustain, a retest of yesterday’s lows and then a pull back would be the order of the day. However, given that today is settlement of June futures, we may not get that retest today. If we do get that retest and we manage to hold the lows then one can trade long for a sharper technical relief rally. In the mean time, book profits in this rally.

The upper trading targets are placed at 14517-15003 (SENSEX) & 4317-4455 (NIFTY).

The lower supports are placed at 13538 (SENSEX) & 4032 (NIFTY).