July 10, 2008
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NIFTY closes at 4157.10. SENSEX closes at 13,964.26.

As mentioned in previous post NIFTY tested 4130 levels yesterday. NIFTY chart patterns are looking good. But international market trend doesn't lend any support for its further up move. A high above 4165 could be expected in short term.

4190 to 4220 - Initial resistance Zone.

Investors, who are averse to risk avoid trading at least for 30 days. Technical analysis may not work well in this market. Markets are driven more by news than technical analysis.

Market is expected to bottom around 3550 to 3800 levels. If this level is broken, then we're in a bear market.

Ranbaxy still remains a long term bet. Target 700+.

Short term chart for TCS looks excellent.