Said on Sunday Sunday, July 13, 2008:
" Point to Watch : 4132
Support : 4049, 4031, 4017,4009, 3996, 3932, 3855, 3738
Resistance: 4089, 4101, 4168, 4176, 4227, 4254, 4318, 4340.6, 4395, 4400”
- Does not violate last mentioned Support of 3738 and goes above Resistance 4101 but fails to close over it - High of 4118.1 – Low of 3790.20 – Closes @ 4092.25
Conclusion: Violates recent Low – shows the markets nervousness because of political events coming up next week when the government faces the trust vote. Crude corrected & spiraled down which made FII’s turn net buyers in spot & saved the markets from further down-side. Nifty closed the week above Resistance 4089
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