Market Overview - CashTheChaos

Daily Outlook for Aug-14-2007

Nifty

NSE Nifty(4373.65): After Friday's thrashing, the markets have just pulled back a bit and this pull back has just about closed the gap opening of Friday. The bias continues to be favoring the bears and traders should not conclude the selling has abated. Unless there is conclusive evidence there is no urgency to start pouring in money. An ideal scenario for the bulls would be a retest of Friday's low or strong consolidation in the lower regions. A timing cluster and a minor astro date is coinciding on the 17th, this could potentially make Friday or Monday a wide ranged day. The next two sessions is likely to give further clue as to which side this is going to be. The support remains at 4262 and 4328 and the resistance at 4445.

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