29th May

The week opened at 4009.73 and in the first two trading sessions the BSE-Sensex established the pattern of higher top and higher bottom in the Daily Bar Charts, but on Wednesday, due to Border tension, Sensex, after touching the weekly high of 4087.65 fell like a bomb to touch 3921.75 and closed at 3973.20 indicating Trend Reversal/Weakness in the Daily Bar Charts. Since then the Markets has been moving based on the border news. In the last two sessions Sensex fell by more than 300 points to touch the weekly low of 3675.53 before concluding the week at 3773.32. The Market shall continue fluctuating in relation to the developments at Indo-Pak border till it is sorted out.

The Weekly Charts of BSE-Sensex indicate that after breaking 3675 the Sensex finds support at 3515 and below it the Sensex can fall till 3420. On the higher side the first level of resistance comes at 3832. The Market remain in the Bear grip below this level and from 3832 to 3930 it stays in the side- way movements. The Bulls take charge of situation above this and face resistance at 4090 and than 4244.