Market views and updates for July 17, 2008

As we ride the wave down happily, lets take a look at what more is in store. Firstly the cues, global cues are positive today. Crude is down as well. So signs are good to start. We have inflation numbers being released at 5PM today. We will have a good gap up opening of around 2%. That will be good for us traders, as it is one more opportunity to short. The attached chart shows clearly how we are in the 3rd leg of the pennant. Still reiterating current downmove target around 3600 levels. So stay SHORT and add shorts at each rise will be the mantra for today.

TCS has taken a good support at 726 and has closed above this yesterday. Ths stock is also slightly oversold. One can buy this stock today for a target of 760 with a stoploss below 726