Saturday, May 2, 2009

sensex resembelence

i have sent mail to my clients on 20/4/2009. i put it on my blog today.
20/04/2009
Friends, as expected we have reached and got strong resistance in zone 11200-11400 and had seen some correction as mentioned.more over one gap was unfilled at 11257/11410 , that also gave resistance alongwith 200dma and sloping downward trend line. now since we have violated 10945 which gave support on friday so next support comes at 10470 prev top as well support on upward trend line seen so far.on violation of 10470 we can go near very strong support area near 10127.we have left big unfilled gap at 9921-10107 also.50% of rise from 8867-11367 comes at 10117. our stretegy shd be to buy when we see reversal from supports.buying shd be stock specific looking at reversal in individual scrips. i have attched two charts which is showing very good resemblence in moves when we made bottom at 2594 in 2001 and current bottom made at 8047. if we follow the same path we can move towards 12500 after some correction in coming days.more over values of sensex in 2000-2001 are resembeling with current values of nifty. Pankaj Shah







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