Wednesday, July 8, 2009

A very meagre bounce yesterday..More downside to be seen today?!


Yesterday was a volatile day and though it ended positive, the bounce that we saw is very meagre and this is certainly pointing to more weakness than strength.

It looks like there will be a test of 4085 levels if 4150 level is broken and seems like a good possibility. Most of the key levels remain the same.

As mentioned yesterday, now if the last support level of 4085 is broken, then a momentary test of 3998 levels is possible in the short term, from where we might see a good bounce instead of further downside.

Resistance levels : 4222, 4259, 4291

Support levels : 4165, 4117, 4085, 4045


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Happy Trading
www.tripleint.com

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