Tuesday, September 23, 2008

23sep-daily sensex report by-" A analyst"


"In terms of points, though market has regained about 59% of the losses swiftly, it may not further gain more in price, rather consume more time by way of consolidation. We also said, b-d line will act as a resistance to the current up move, and surprisingly, market opened exactly on this line at 14215. From b-d line resistance, market reacted 304 points measuring from high to low. Now, trading below Monday's low, i.e. 13917, more weakness will be seen finding some support at 13675. In case of continued weakness, market will enter the gap area, which is getting closed at 13347, where strong support will be provided. On the other hand, rising b-d line will meet at 14260 for Tuesday, and trading above this levels, will exhibit strength in the market. In case of later, upper side, is likely to get caped at 14440-14465 area, which is also a weekly moving average resistance zone. Supports on the downside for the day, are at 13917/13753/13674/13510/13347, while resistances on the higher side will be seen at 14070/14133/14221/14326/14440.