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. inability to move past this soon would be a reversal sign towards 2000 again.
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
The closing above 14700 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 15300 would be a tough task. Inflation figures today, if stable, can help us to move above this barrier tomorrow on Friday but... we are in a BEAR MARKET, where going higher and higher is not the fashion though, we may not go deep down either. A sideways market in a range between 12500 and 15500 is envisaged in medium term.