Market Review for 6th August 2009
BSE Sensex: (15904) we said ‘the up trend is still intact and we should see a level of 16046 and even more being achieved’ the market got stuck at the psychological 16000 mark and closed in the red…technically 16046 is a very strong resistance to deal with and should be respected with folded hands and when I look at the structure of the chart of the last two months it gives an impression that all is not well we have also witnessed a loss of momentum closer to these levels but just the loss of momentum does not qualify that the top is in place, we need to see more if the market has to react from here…ideally I would like to maintain that the market is still technically up but against a very strong structure and I need to see some confirmation of weakness before I say it is down, the first sign of weakness would be a close below 15725…technically view still the same as the market has made an inside day with neither the high nor the low being taken out, I would not be surprised with a big day…either UP or Down…
The support for the Sensex is 15725-15600 and the logical technical target is at 16046-16507
