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07 August, 2009

6-8-2009 trading gave a very strong resistance impact at 4730 by dipping the market beyond the support trend lines....nifty closed at 4586-109 points. Technical indicators are turned to down side. Fii data, F&O nifty future addition, option writings shows the fall may continue further today. Global cues are -ve and SGX nifty is also -ve as of now. The rising wedge base levels of nifty 4420 on 30 minute chart may be tested in the worst case but there is a chance of bounce in between also. Let us wait and see the support zones. In sensex terms 15300-14900 are support levels. Keep the shorts up to the levels and later one can study ie., on Monday's trading for up side journey.

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