Weekly review: Trading strategy - Sell all rallies (Prakash Gaba)

Sensex: (15160)
Nifty: (4481)

We said 'Technically the trend is still intact up and there is no sign of weakness except that the Nifty future has to catch up with Nifty cash as Nifty Cash has made a new high but Nifty futures is still lagging behind. Technically the next logical target for the Sensex still is 16046 and 4789 on the Nifty'

The market opened firm and tried climbing towards our logical target of 16046 and fell short by around 40 points and finally cracking towards the end...

Technically the market has now got tired and fallen by its own weight, profit booking has come in and now the bears will take charge and drive the market down...technically the market should come down to around 13622 levels but that should take its own time and any up move now will be a seen as a suspect and more selling would come in...

Next logical targets on the way down on the Sensex are at 14531-13622 and resistance to the up move is at 15700

Next logical targets on the way down on the Nifty are at 4253-3957 and resistance to the up move is at 4640

From a trading point of view I would sell all rallies...

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