When we reviewed the index last week we expected some sideways move. We
also saw that 9665 will be the obstacle on the upper side. This week we saw the
index move up on low volume. And as expected supply started to overwhelm above
this crucial level. 9665 was the previous price rejection level and we can see
still supply is coming above this level and at the same time we see support
coming below this level. Now the index is poised at this crucial level. Failure to cross this level with good volume
will send index down towards support level of 9490. Hence next couple of sessions will be very
crucial. The low volume in the last two sessions
when the index faced the supply area does provide a positive bias.
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