28AUG 2008

1. Yesterdays high/low points were 4364/4283 (Sensex 14563/14261).
Since the charts have formed a narrow symmetrical triangle in the last four sessions, a breakout form highs/lows would be one of the signals -but not so significant.

2. Although, we are still poised at levels from where we can start moving up yet, our concerns of inflation are not over, and this could be apparent in today's closing. It could be a lackluster expiry day. Our preferred view would be to wait for today's inflation data (after market).

But it would also be advisable to buy 30% of the worth between 4220-4265 band if Nifty edges lower; or if Nifty moves above 4435 (looks unlikely today!).
Itching hands may not jump in without clear plans.

Wishing you a happy trading day!