Sensing Sensex as on 10 Aprl, 1999

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Sensing Sensex

10th April

Political uncertainties dictated the movements of stock markets this week. The Week opened with a downward gap of 61 points at 3625.21 and after forming the weekly gap of 3625.22 on the same day, it began drifting downwards. As the opening was below the support level of 3641, Sensex showed lot of weakness and throughout the week it couldn't pierce the level of 3641. On Friday, Sensex formed the weekly bottom at 3423.85 and closed at 3441.39. This week the spread is of 201.39 points.

In the next week also, political happenings seem to be of prime importance for the stock Market. On the lower side, support level is at 3405. In case the Sensex breaches this level then the weekly charts will project lot of weakness. Next support level in charts is formed at 3310.

On the higher side, 3500 is the first level of resistance. If Sensex cross it then it should approach 3525 and them 3549. The cross over of 3549 with good volumes and Sensex sustaining beyond it should indicate Bulls taking charge of the Market. Once the Sensex crosses 3549 Bulls will have to maintain it beyond this level otherwise Markets will start showing weakness again.