Tuesday, June 23, 2009

VIEW FOR 23-06-2009

After a failure attempt to sustain above 4345 (high 4355), we headed down towards 4285, again tried to hold. But every effort by the bulls were like some wild goose chase. We closes at days low and ready to test the previous lows once again. Take a look here...

Clearly, 4120/15 is the most crucial now. There will be some big bulls waiting to give one try. Below that it'll be kinda 5 wave down move on the larger degree of the cycle.

And for the day,
Supports: 4205-4190 is crucial for intraday. Some bounce may take place if we can hold that zone. Below that 4164/61 and the big 4120/15 will come. 4090 is another support because of the data aberration. It would be safer to initiate positional shorts again below 4090, after covering it around 4120.
Resistances: 4235/37 will be important to watch out for. Above that 4275-4295 possible.
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