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Weekly Review for the Week August 25th - 29th 2008
We said ‘Technically the market looks weak and should be heading down; the next technical targets on the way down are 14404-14047-13685. From a trading point of view I would stay on the short side of the markets until the supports emerges.
The market unfolded yet again weak as expected and came very close to our targets and has survived so far…
Technically the market can bounce from here for the next few days and until F&O expiry as the place for a bounce is right but for that to happen the low needs to be validated and a technical confirmation should come in which is lacking so far and if that happens then the market has the potential to climb to 14858 and extended to maybe 15029.
The next technical targets on the way up are 14688-14858-15029 and supports on the way down at 14047-13685
On the Nifty front the technical target on the way up are 4402-4409-4496 and supports on the way down at 4220-4118 –‘
From a trading point of view I would stay on the long side of the markets keeping supports in mind…
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