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Business Standard 12 June 2011
Business Standard 12 June 2011
Business Standard 12 June 2011
R = Resistance; S = Support
stance. On the other hand, the index needs to close above 5,570 in order to reverse the negativities. Slightly long-term picture indicates a close below 5,460 could open the doors for a likely drop to 5,200-odd levels. Hence, one would be advised to exercise extreme caution in the market at current levels. The weekly charts indicate the index has failed to clear the 5,560 hurdle for the second straight week. The momentum indicators MACD (Moving Average Convergence-Divergence) and Stochastic Slow are both indicating further weakness for the markets. The lower end of the Bollinger Band on the weekly chart coincides with quarterly Fibonaccibased support around 5,200. Hence, one can look out for a considerable buying support around that level.