LEVELS TO WATCH

in yesterdays conference call we mentioned about the strength in the on going rally and possibility of a double bottom pattern break out but we still consider it strongly that before a trader/short term investor decides to invest he will have to be very selective in stocks to invest .

stochastics being in overbought zone will play its role for a few more days and if the coming downside corrective remains slow than it will be a good short term buying opportunity but there is another possibility emerging on the charts and that is a possible sideways move in a narrow range of 20217 and 19500 for a few more days.

We mentioned here a few days back that we have to watch 20056-20088 level on closing basis and sensex made a high of 20115 yesterday but failed to close there and closed below 20056 so expect more sideways move in the markets.

Nifty :

For nifty our important level to watch on closing base for more upside possibilities was 6028 yesterday morning nifty made a high of 6023 but failed to close above 6028 there will be some more bearishness in nifty if trades below 5958 today and expect a few more days sideways move below important resistance levels and if the correction remains slow than nifty may again attempt to cross recent highs but for double bottom pattern to complete nifty needs a close above 6028-6088.