Technical Analyst, Prakash Gaba:

We said ‘The market has now stopped at the 4700 mark and the oversold on technical parameters and so an up move or a sideways correction is not ruled out and whenever the market breaches the 4700 mark again then the next target on the way down would now be 4550-4400’.

The market unfolded as expected breached the 4700 mark and came down to a low of 4539 to bounce back again to close positive for the week at 4796.  

Technically the market is in a reaction mode after a fall of 11 days from the high of 5177 and so I view this up move from the lows of 4539 as reactive, which should get exhausted, the market needs to spend some time in the lower regions if the market has to move up again until then a down move if it comes would be in order.

The logical support for the Sensex is at 15356-15113 and logical technical target at 16667.

The logical support for the Nifty is at 4550-4400 and logical technical targets at 4936.

From a trading point of view I would continue to book profits on the way up, it never hurts.