Last week we saw that the
Index was moving up without much effort and without conviction with supply
staying out. Finally on Friday who saw
demand vanishing and supply step in. However
the volume remained low which shows the supply was not really dominating. 9220
still remains intact. We may see further dip before another attempt at 9220 is
made. Significant levels are 9175, the
last acceptable price level, and 9108, the last supported price level. 9175 also happens to be the 38.2% retracement
level. We can expect support coming around this level.
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