WeeklyUpdatesFor24Aug09------InderBhatia

The Indian market opened on gap down but saw sharp rebounded from lower level and close with handsome gains. On hourly chart nifty had seen breakout from Ascending triangle we can see target 4620-4648 zones .on the lower side 4464-4423 level act as support for the day .

BUY VIJAYABANK 43.22TGT 47>49 STOPLOSS 41.50

24augBUY ASTRAMICROWAVE 77 TGT 85>91 STOPLOSS 71

we had mention any major rally correct before next move still we had seen just 33%-3978 level and 38%around 3885 and 50%is 3634 zones as shown in above chart .

Last week sensex down by 1.1% and nifty 1.% respectively, Market saw bounces from the lower level and holding 4350 zone. As last week we had mention nifty is trading in range 3980-4700 and in that band 4350-4700 zone .On daily chart nifty had touch three time 4350level support zone . If this time nifty comes to test again 4350 it will break 4350 and we can test lower level any support or resistances hold 2-3 time particular level but 4th time that zone become weaken and we can see breakout or breakdown same we had seen at march nifty takeout 3200levels . However on daily chart we had plot macd higher time frame that seen cross over indicating sell signal same macd had given upside crossover on 2/2/09 . Infact on weekly chart nifty and sensex are approaching the 61.8% Fibonacci retracement levels of the entire downturn that zones will act as strong resistances .Along with that negative divergences are reflecting on daily and weekly chart that negative sign .For this week key level 4473