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Thursday, December 14, 2006

Tech View - Dec 15 2006



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Sensex closed in green on 2nd consecutive day, up by 305 points at 13487 levels.Sensex opend with upside gap and sustained the gap throughout the day.

Sensex has formed Bullish pattern followed by continuation pattern which indicates strongness of pullback rally which signals another 200-300 or more points rally if maintain 13360 levels. As per weekly scenario, Sensex is forming a huge Bearish candle which indicates the possibilty of another 1500 points fall. To nullify this bearish scenario the current pullback rally must close above 13560 levels on last day of the session or must do sideway movement above today's gap for next 3-4 days. If it does then there could be chance of 14180 or more levels or else 11800 levels cold be witness as a trend reversal.


Support 1) 13400 2) 13320 3) 13280 4) 13230 imp.

Resistance 1) 13560 2) 13640 imp 3) 13790 imp 4) 13860.