Perspective : The first day of a new series was marked by a lot of cautiousness by both buyers and sellers in the market after a 500 point run-up in less than 2 weeks.There are plenty of triggers in July for market participants to think about which include earnings, impact of end of QE2 on global systems, global commodity cycles and domestic factors like inflation and moderating growth.
Back Ground : We spoke about the failed auction theory in our last post, targets for which were successfully met on the upside as well as downside.
Chart Speak :
1) An initiative seller at 5702 who drove the market lower with success
2) The failed auction point successfully visited and defended at the close.
3) The 5612-5618 zone is primary support for the market now and a close below it will be slightly bearish
4) Lower support is at 5546 for the week and resistances at 5742 and 5808 for the swing trader.
5) any upnmove today can run into resistance at 5687-5702.
The above post is for purpose of education only. Similar charts are posted for the BN, LT, RIL, ICICI, TTM, SBIN everyday on our premium website http://www.vtrender-2.com/
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