FM and SEBI directive to FII's to reverse their position in 'short sell' in next few days resulted in Zabardast Forced rally of 100 points in couple of minutes but could not be sustained to break the morning lows. But, will FM and SEBI be able to stabilize the market... Today's Short Sellers will be tomorrow's compulsive buyers and we will be loosing on them by this stand . Expect downward bias to continue as long as NF is below 2986 with support at NF 2886- 2812 - 2788.
Upward momentum will only be over NF 3038. Watch out for Sensex Support at 9700-9600 (Gap Area) . Next support level NS 2740 and Sensex 9099.
Friday, October 24, 2008
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