Corrective upmove continues...July 11, 2008

In spite of very weak global cues yesterday, our market held up. Today we have a lot of data pouring in including Infosys results, inflation data and IIP data. We are looking pretty good on daily charts as well with a small uptrend in place. But on intraday charts there is a rising wedge formation which is a bearish sign. We might get a dip good dip anytime today or on Monday. So if you are long, keep booking regular profits. Resistance comes near 4180-4200 levels for today. On the downside, we have strong support at 4060 and 4030 (all spot levels)

No stock calls again for today. I hope to resume these from next week. Work is still keeping me pretty busy giving little time for markets...