Technical view for 18th March, 2009.

The upper trading targets are placed at 9084-9143 (SENSEX) & 2805-2855 (NIFTY). The lower supports are placed at 8650-8420 (SENSEX) & 2703-2641 (NIFTY). Use any rally to reduce longs and create fresh short positions.

Technical view for Wednesday, 18th March, 2009.The Nifty found resistance at its major level of 2805 and thus we saw some intra day correction and volatility. Also, the Nifty has reached the crucial resistance range of 2704-2805 and we should expect some selling pressure going forward. In addition, the major Indices are reaching their crucial 50 day moving averages of 2808 (Nifty) & 9143 (Sensex) which should also work as resistances. Thus, one should use this rally to reduce longs and create short positions.

The upper trading targets are placed at 9084-9143 (SENSEX) & 2805-2855 (NIFTY).

The lower supports are placed at 8650-8420 (SENSEX) & 2703-2641 (NIFTY).

Use any rally to reduce longs and create fresh short positions.

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