Strong Resistance For Stock Market At 15379
The stock market broadened and saw new peaks as projected and creating history by reaching the historical 15000 mark.
Now the market is trading in blue sky territory. Technically the tendency is still unbroken and there is no symbol of failing though the stock market is in a extended terrain. The other logical technical target in the days to come is 15379.
The support for the Sensex is at 14685 and the resistance to the up move at 15138 – 15379. The support for the Nifty is at 4300 and the resistance to the up move at 4414 - 4434 – 4525.
From a trading view point, the investors should hold up their long-term stocks and continue to book profits at rises and buy supports.
According to technical analysts, “Technically the market traded flat the entire week and closed positive on the first day of the new F&O series. We had a strong resistance on the Nifty at 4322 and the market has seen the high on the Nifty like a dot at 4121.35. Technically its perfect but when I look at the structure I do not see any signs of weakness as yet. The market has seen strong consolidation in these regions and there is every likely hood that the market may see new highs and as it goes higher, it goes into stretched territory but so far the market looks up.”