The market has opened on a negative note. The Nifty on
the daily chart is trading in a range of 4450 and 4250,
which are crucial levels. We expect the momentum to be
positive and volatility on intraday basis. The market
breadth is negative with 335 advances and 750 declines.
The daily momentum indicator has given a negative
crossover and is trading above the zero line. On the daily
charts, support at 4235 and strong resistance at 4435 are
indicated.
On the hourly charts, an inverted head & shoulder pattern
has formed with a support at 4248 and resistance at 4400.
The momentum indicator has given a positive crossover
and is trading above the zero line. Strong support at 4275
and a very strong resistance at 4331 are indicated on the
hourly charts.
Tuesday, August 26, 2008
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