Thursday, May 05, 2011

Fcpo wrap....ready for 3100-3200 ...next week



Well supported around 3250-60 in early trades but sell on strength keeps bulls in check too. Sideways with 2 attempts near 3300 resistance but bears take control in the end, thanks to weak external, and tech sell again in late trading after 3250 is taken out.

No major signals today, maintaining –ve outlook. Looks like fresh leg down next week, under 3200 if mkt finish under 3250 tomorrow. Below 3250 is bearish.

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