Closing Outllok for 05022008

By Abhishek on 1:01 AM

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Closing vIesw

Sensex still trading below the crucial level of 19,000

Sensex movement was seen in very narrow band of 220 points between 18,730 and 18,510. The level of19,000 is crucial level for current uptrend as – (1) The level of 19,000 is 62% retracement level of entire fall from 21,206 to 15,332. (2) On daily chart, a price gap is also visible near 19,000 level. (3) The intermediate bottom of the Sensex while forming the all time high of 21,206 is placed at 19,000.(4) The falling trendline drawn from the all time high is also showing 19,000 as obstacle for the uptrend. Thus, the level of 19,000 is considered as hurdle for the ongoing uptrend. Sensex needs to surpass the level of 19,000,At the same time, the intermediate bottom of the current corrective uptrend is placed at 17,400.The early signal of downward trend reversal is placed at 18,000 level on closing basis

Today’s session was almost flat and most of the Asian Markets would be fully or partially closed during the next week or so.

US market is quite weak and it seems this time as well, we will not be isolated. Expect a downtrend from now to the Budget.

Primary Market (IPO) is very dry and all the current IPOs are in deep problem. By seeing the interest in Primary market, I can visualize the lack of interest people have now on the stock market.

Secondary Market Volume is still very low.

Be cautious the direction of the market is still not clear and it might turn downside as well.

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