14th May

The week opened at 3752.79, fell till 3740.49 and then there was no looking back for the BSE Sensex. By Wednesday, the Sensex had touched 3987.58 and form there profit booking began. In the same trading session the Sensex fell by 189 points to touch intra-day low of 3794.65 and then closed at 3876.89. The closing of Wednesday was projecting weakness for Thursday but the Bulls opened the Markets with a gap of 80 points and began charging ahead with full force. On Friday, the BSE - Sensex touched the Weekly Top of 4102.03 and then closed at 4075.47. This week the Sensex had the weekly spread of 361 points.

There is nothing in the weekly charts of BSE - Sensex to project any weakness. But, definitely, a correction to this rise of 919 points has become overdue. The first level of support on the lower side in the Weekly charts comes at 3963. On breaching this, the Sensex goes towards 3880 and then 3740. And in case Bulls have different intention, the first weekly level of resistance comes at 4105. On crossover of this level the Sensex goes towards year's top of 4322, a very very strong level of resistance indeed!