Friday, June 19, 2009

VIEW FOR 19-06-2009

We could not cross 4388/96 as discussed yesterday, and fell right from there after recording a high of 4382. On the first half it might have taken some S/L because of the extreme volatility when it broke 4320 and bounced from there, but the failure to cross 4388/96 brought the breakdown, and achieved our destination of 4246, by recording a low of 4231. Now what? Bounce?

Well, it's on the card, but it will be and out an out correction on the upside as long it's not able to break 4330-34 level convincingly. A successful breach of that level on the upside may target 4386/88-4427/44 and finally 4474/80 level. Hitting of 4386 will create a pivot near 4330 zone, which may emerge as a s/l for longs for the further upside for

On the lower side Days support will be around 4252/46, below that
it'll challenge the days low again, while next targets will be 4202/89-4156-4116.

Supports: 4252/46.. below that last day's low will be at risk. Lower targets will be 4204/89-4156-4116;
Resistances: 4295-4330/33-4353 (minor).. above these, 4388-4427/44-4466/80.
Happy trading.
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