8th May

The week opened with a gap of 55 points at 3380.61 fell till 3363.06 in the first trading session and after touching high of 3435.73 it closed at 3378.40. The happenings of first day did not show any strength. But from second trading day onwards, the Bulls took charge of the Market and in the remaining four trading sessions, higher top and higher bottom pattern war formed in the Daily Bar Charts. 3363.06 remained the Weekly bottom and the Weekly top was formed in the last trading session at 3773.85 with weekly closing at 3707.95. This week Sensex took the spread of 410 points, which usually is the monthly spread of the Sensex.

In weekly charts of the Sensex this is the highest weekly closing. The prior weekly closing's top of this rally was 3703. The BSE - Sensex has been rising continuously from 3183. It has added 591 points without any significant correction. Technically, a correction of 200-300 points would do a lot of good to this rally. For the next week, 3774 and 3818 are the levels of resistance for Sensex. And on clearing 3818 (the top of this present rally) next level of resistance comes at 3930. On the lower side, the first support level comes at 3617. On breaking this, the Sensex can fall to 3520 and then the weekly support exists at 3363.