19th June

The Market opened with a downward gap of 62 points at 3907.65, fell till 3830.15 and started its journey Northwards. This level of 3830.15 remained the Weekly bottom and the Weekly top was touched on Friday by the BSE-Sensex at 4166.54 before the week concluded at 4109.89. This is the highest weekly closing of the year 1999. It is showing lot of strength in the Market. It seems that the BSE-Sensex is moving forward for the swing-testing of its earlier top of 4197.08 formed on 20 May, 1999. Will it succeed or fail shall be answered in the next week.

After scanning the Weekly Charts of BSE Sensex, the Market look to be having lot of steam unless some negative news from Kargil hit the Market. On the higher side after crossing 4167, the Bulls will face resistance at 4198 which is the highest points of this present rally. On the crossover of this level 4296 and 4322 are the strong levels of resistance for the Bulls. And on the lower side, the BSE-Sensex has the first support level at 4038. If Bears hammer the Market to break this level then the Sensex gets next support level at 3958 and 3830.