look at chart attched.10700 zone has given good support so far.it seems we have completed small correction as 4th wave which was apprx 25% of last upwave from 8867 to 11367.keep strict stop loss for this view at 10716.on crossing 11367 we will be heading towards 11600-12500 area. today we have seen good recovery in metal stocks. buy sail in dips, cmp 115, target 132, stop loss 105.

Pankaj Shah

views given on 25/04/09

we have taken good support in 10700/3300 zone and started moving up.we have reached very close to recent top of 11367 at 11363. closing is higher then that day.

supports: 10700/3300 and second zone is 10200/3150.

since we have crossed 10945 in last upmove now we will consider retrcements from top made before that, 15580 and low was 7697. retrcement lvls of 50%/61.8% comes at 11638 and 12568.if we consider on closing basis they come 11807 and 12679200 week mov avg is around 12700.

last time we cld not close above 200 dma , now we have closed above 200dma/ema. it has to sustain above that for few days.

before top of 10945 previous weekly tops were 11870 and 12285 which may work as resistance in coming days.

election will be over on 13/5 and results will be out on 16/5. so our stretegy shd be to generate cash gradually in this upmove bcz we have moved from 8047 and till date no major correction has come,mkt may cool off post results and correction can be deeper.coming 2 weeks may be volatile and euphoric also bcz of rise in retail participation with left out feeling and switching over from bearish to bullish mindset.we see excess moves in both directions and mkts get strecthed from fair valuations.

Pankaj Shah