The week past and expected
There was real battle between bulls and bears in the last week as both have struggled well to keep the market below the
losing levels (4955 and 4800) for them. The same trend we came across even in the world markets and that has resulted
into closing at an unchanged level on week on week basis (for markets).
For the week 4955/16570 and 4830/16160 levels may act as a major resistance and support for the market. The market
may continue its pull back if it holds the level of 4830 on a closing basis and sustenance of the market above 4955 may lift
the market to the 50% retracement level of the entire fall (between 5310-4675) to 5000/16720 level. In the
extraordinary case the market may even retrace to 60% of the entire fall which is at 5070/16970 level. As the bears will
loose the grip on the market above 4955 levels, it may help bulls to pull the market to 5070/16970.
On the lower side, the level of 4830 and thereafter 4800 may act as a major support for the market. Any daily closing
below 4830 may trigger fresh weakness that may push the market to minimum 4720/15820. Failure to hold these levels
may result in to sharp sell off may be up to 4580/15330 with a minor hurdle at 4675/15650.
As the events (Expiry of Feb month/ railway budget/Union Budget) are on the corner the market may remain highly volatile
and unpredictable. The strategy should be to trade as per directed levels without any specific bias.
