Saturday, July 3, 2010

SUPPORT AND RESISTANCE TRENDLINES/ UPDATE - 2

LOOK AT SELF EXPLANATORY CHARTS .
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UPDATE AS ON 30.6.2010

MARKET OPENED WEAK ON GLOBAL WEAKNESS. WE HAVE TESTED TODAY 17400 ZONE AND BOUNCED FROM THERE. AS ON TODAY WE HAVE MAINTAINED SUPPORT GIVING TREND LINE.NOW IT IS TO BE SEEN IN COMING DAYS CAN WE BREAK RESISTANCE GIVING TREND LINE ON HIGHER SIDE OR NOT?

ON CROSSING 17850/17920 ZONE WE MAY SEE LEVELS OF 18300. ANY CLOSE BELOW 17400 ZONE MAY INVITE SELL OFF.
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UPDATE AS ON 3.7.10

MARKET HAS CONTINUED CORRECTION.NOT CROSSED RESISTANCE TREND LINE.

OUT PERFORMANCE IN MID AND SMALL CAP IS CONTINUED WITH LACK LUSTER SENSEX AS EXPECTED.

GOLD IS SHOWING CORRECTION . FURTHER UPMOVES CAN BE SEEN ONLY ON CROSSING 1265 ZONE.

US DOLLAR INDEX HAS CONTINUED ITS WEAKNESS AND IT MAY ALSO REACH TO CRITICAL SUPPORT ZONE IN COMING DAYS.

OUR MARKETS HAVE CORRECTED LESS IN COMPARISION TO GLOB AL MARKETS.
CHINA WEAKNESS HAS IMPACT ON METALS AND CRUDE ALSO.FII FUND FLOW WILL DECIDE FURTHER DIRECTION.

TECHNICALLY STILL BOTH BULLISH AND BEARISH OPTIONS ARE OPEN. SO FAR WE HAVE NOT CLOSED BELOW FIRST IMP SUP AREA AT 17400. BELOW THAT NEXT RETRACEMNT AREA IS NEAR 17200 AND 17080 BEING 50/61.8 % LVLS OF RISE FROM 16560 TO 17920.

POWER STOCKS ARE SHOWING MORE STRENGTH IN LAST FEW DAYS.CALLS OF NHPC AND NTPC ARE GIVEN. SJVN CAN BE ALSO CONSIDERED ABOVE 25 ON CLOSING BASIS.

IN COMING WEEKS CASH GENERATION IS MUST BCZ FINALLY WE WILL ALSO FOLLOW GLOBAL MARKET TRENDS.