WeeklyUpdates For 27Jul09----InderBhatia

BUY JINDAL SAW ABOVE 438 TGT 456>467STOPLOSS423

BUYAPTECH AROUND 172-174 TGT185>193 STOPLOSS166

Last week sensex gains 4.30% and nifty spurt by 4.43% respectively, closed for the second consecutive week upside .As moving head there are multiple resistances around 4650-zones .On weekly chart we are witnessing flag pattern breakout and inverse head &shoulder pattern forming but in past we had seen failure in nifty bearish hns pattern and Rsi is reach near resistances point from last time it was breakdown as shown in above chart. If nifty closed below 4340 zone flag pattern will in valid for long one has to move stoploss4340 zones .For coming week closing above 4583 zone it will likely to test 4647-4682 zones and closing below 4480 it will test 4445-4380 zones .

The Indian market opened on gap up on strong global cues and close with strong note .For coming session we had seen disappoint result from Reliance Industries if nifty open gap down around 4510-4483 zones it will act support zone .On hourly chart we are witnessing negative divergences on charts as shown above chart.On the other side 4593 zone will act as resistance for the day and trading above 4593 zone it will test 4630-4645 zones .