"Markets opened positive and traded in a narrow range and finally closed positive for the day. Indices have posted gains for 7 successive days and 8 being fibonacci number correction can be expected on profit booking. US markets were closed yesterday on account of Labour Holiday, and absence of cues from that end, kept the direction indecisive. Now Both Sensex and Nifty are approaching July closings ..15550.99 & 4528.85 which are stiff resistances, if crossed with volumes and all round participation then our markets shall rally to post new highs quickly. Bullish tone continues since bullish cross over is completed with yesterday's closing (Short term averages over taking Long term averages)
Asian markets were weak to flat yesterday, and currently US futures point to marginal negative bias, which might invite profit booking in our markets. However, as intermediate trend and long term trend are up, one can buy on dips in technology sector, which will catch interest of partipation of institutions and retailers as they are under performers so far in 2007.
The day's range for Nifty shall be 4380(Support) and 4530 (Resistance); Sensex shall be 15155 (Support) and 15555 (Resistance)
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