When the index gaped down on
the 22nd to make new low there a general impression of increasing
bearishness. But we saw that the supply was of poor quality and the end of the
down move would be very soon. The index moved up the next couple of sessions
breaking the immediate down move. However this move also lacks conviction as
indicated by the low volume. Unless the
volume picks up very soon we would be seeing sideways movement for some time to
come. We did anticipate consolidation between 9220 and 9085 it looks like the
range is going to wider around 9220-8990. The index is in safe territory as
long as it is above 8990. The coming week could a dull one considering the
expiry.
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