Weekly Review for the Week April 13th - 17th April 2009

We said ‘Technically the trend is still intact up and our target of 10708 stands valid and if the momentum continues then I would not be surprised if the market proceeds up towards the next technical target of 11295 in the days to come’ The market unfolded as expected moving up and achieving our target of 10708 and proceeding towards our extended technical target of 11295 Technically the trend is still intact up and our target of 11295 still stands valid with some hiccups on the way up as the upside momentum seems to have reduced and indictors are in stretched mode nevertheless the up trend is still intact up. The supports are at 10470 and resistance to the up move is at 11113-11295 The supports on the way down are at 3240 and resistances on the way up are at 3391-3451-3527 From a trading point of view I would stay long with close trailing stops to protect profits.