MARKET STATUS

i hope followers of blog must have enjoyed both side movements.
when we started correcting from 15600 it was mentioned in thread http://pankaj564.blogspot.com/2009/06/sell-off-from-new-high.html
that we might have started correction.and we corrected by 10% from there and we saw 14016 .

again it was mentioned in thread
http://pankaj564.blogspot.com/2009/06/market-options.html
that we may start upmove and so far we have seen apprx 800 points rise from there. we have seen good break out from triangle and sharp movement was seen as per expectation.

what next?
today we have reached near 50% retracement level 14808 when we tested 14782.
as mentioned earlier we have taken support at 34 dma and bounced. now we have reached next imp dma that is 21 dma.
so if we cross decisively this resisatnce zone around 14800 we can see 14995 next resistance zone soon.and we shd do profit booking there to buy in dips again.or due to global weakness if market opens weak we shd do buying around 14300-14400 zone for upmove.

stock specific buying shd be done.

14016 HAS NOW BECOME A STRONG SUPPORT LEVEL FOR COMING DAYS. BREAK OF IT WILL GIVE DEEPER CORRECTIONS.FOR ALL LONG POSITIONS STRICT STOP LOSS OF THIS LEVEL SHD BE KEPT.