THURSDAY 24/07/2008

11:00 a.m.
INFOSYS if closes below 1500 then hurtling towards 1300 in days to come.
RELIANCE has very strong resistance at 2320. Its inability to move past 2320 would be a reversal sign towards 2000 in the days ahead.
SBI might take a breather before moving up again though, it is the strongest one among the lot. It is now the best counter for short/medium/long term pick within 1000-1100 band with a SL-1000.

SENSEX CLOSING above 14700 yesterday is a positive sign for near term. A closing above next resistance at 15330 would turn markets in positive zone in medium term, implying that we would not breach 12500 in medium term. But closing above 15330 would be a tough task. Inflation figures today, if stable or lower, can help us to move above this barrier tomorrow on Friday but... we are in a BEAR MARKET and going higher and higher is not the current fashion. But we may not go deep down either. A sideways market in a range between 12500 and 15500 is envisaged in medium term.