LOOK AT CHART ATTACHED
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UPDATE AS ON 10.6.10
UPWARD CHANNEL SHOWN IN CHART IS STILL INTACT AND WE ARE MOVING IN
UPWARD DIRECTION.YESTERDAY'S SHARP DNMOVES CREATED NERVOUSNESS AND
FEAR THAT SUPPORT AT 4961 MAY BREAK BUT IT SURVIVED AND TODAY ON
WEAKNESS OF US DOLLAR INDEX EQUITY MARKETS ARE SHOWING STRENGTH.
ON CROSSING 5078 WHICH WAS 61.8% LVL OF LAST FALL AS MENTIONED IN
INTRADAY CHART WE MAY GET RESISTANCE AT 5105 WHICH IS 76.4%
RETRACEMENT OF LAST FALL.
ON CROSSING 5105 NEXT RESISTANCE COMES AT 17150 WHICH IS IMMEDIATE PREV
TOP AS WELL AS APPRX RESISTANCE AREA BY BOTTOM TREND LINE OF RISING
WEDGE.
STOP LOSS FOR LONG POSITIONS AS PER 1-2-3 PATTERN STILL 16544
APPRX STOP LOSS BY UPWARD CHANNEL TREND LINE AT 16700.
STOCKS TO WATCH FOR VERY SHORT TERM LONG POSITIONS:
BHEL/LnT/IFCI/NTPC
METALS HAVE CORRECTED MAXM SO WE MAY SEE MORE PULL BACKS IN METALS
STERLITE /TISCO MAY SHOW FURTHER UPMOVES IN SHORT TERM
STRICT STOP LOSSES ARE MUST FOR THIS SHORT UPMOVE.
