Sensex has strong resistance at 16514: Gaba

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Technical Analyst, Prakash Gaba:

We said 'Technically the trend is still down but the sluggishness in the down move gives a feeling that the market may finally slow down the down move and find some bounce in the days to come. 4800 level seems to be a stable zone so far and the market could climb to around 5030 levels'.

The market held on to the 4800 levels for 4 trading session and finally cracked and has seen the low near a strong support target of 4673.

Technically the trend is still intact down but is overstretched on the short term indicators and is close to a strong support of 4673 and so a stop in the slide is not ruled out but if the market breaches 4700 levels then the next level to watch would be 4499.

The support for the Nifty is 4673-4499 and strong resistance at 4930.

The support for the Sensex is at 15628-15400 and strong resistance at 16514.

From a trading point of view I could go long as long as 4673 holds.