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#1
8th June 2006, 04:49 AM
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Good News Or False Alarm? You Decide...
GOOD NEWS OR FALSE ALARM? YOU DECIDE...
The Sensex took support @ 9609.21, the 61% retracement level as mentioned in my previous report (9611) and it rose to 9756.76, thus confirming the strong support at this level. The question that arises now is whether this support will be able to sustain the massive selling pressure in the market. If this support is broken, then we'll definately see 9000/9200 levels. Sensex has moved into highly oversold areas and the momentum seems to have turned upwards in the daily charts. So a bounce back to 10,500/11,000 levels remains a reality, provided 9611 stays intact. But only a break above 11,150/11,200 will confirm that bulls have an upper hand in the market. Tomorrow, a rise above 10,050 can take the Sensex towards 10,190 levels. Jai Shewaramani 
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#2
8th June 2006, 10:28 PM
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Re: Good News Or False Alarm? You Decide...
Quote:
But seems like we are just looking at the next lower support every day. Y'day it was 9611, today it was 9200, tomorrow I suspect we will see the 9000 too. Sincerly hope I am wrong. Best Regards Coool.
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