July 15, 2008
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NIFTY closes at 4039.7. SENSEX closes at 13,330.51.

A technical snag has prevented us from posting yesterday.

Yesterday's trading has no relevance. Though it seems to suggest no trend. Plunge in the asian markets might have some effect. Get ready for the next bearish onslaught.

When NIFTY breaks 3990.90 it would weaken further.

3962 to 3972 is the immediate support level.

4220 - Initial resistance Zone. This is the initial hurdle. Next resistance stays near 4400 levels.

4535 is medium term target for NIFTY on the upper side.

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 the recovery would take more time.

TCS displayed good chart pattern 4 sessions back. We mentioned the same in our post. But the pattern has worked well, since it moved up sharply to 943 before taking a huge plunge. Wise traders could have made profits. The plunge has made its chart look vulnerable.