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Sunday, Sep 22, 2002

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Nasdaq: Weak undertone

B. Krishnakumar

THE American bourses passed through yet another week that was marked by distinct bearishness. The benchmark indices registered week-on-week loss for the fourth week in succession. The Dow Jones Industrial Average slipped below the psychological level of 8000 and ended the week at 7986.02.

The outlook for the index continues to remain bearish. A drop below 1190 would be an early indicator of a further slide.

In the near term, the Nasdaq Composite Index appears to be headed towards the immediate target zone at the 1000-1050 band. As of now, only a move above 1300 would negate the weak outlook.

(Note: The analysis and opinion expressed in these columns are based entirely on the technical analysis of the past price behaviour of the scrip or the index concerned. There is a risk of loss in trading)

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