SELL OUT

Markets seem to be looking for a cue to sell out its overbought positions..& RBI credit policy just about gave it the cue it was seeking to unwind..The fall was so furious that even the 4900 level did not hold..We touched the 50 SMA support zone after a fair bit of stay over it..As we are now oversold a small bounce can be expected anytime..supports are around 4800 and only cross of 4930 will we look towards upside..The weekly target below 5080 was 4854 which got touched today..enjoy the day cheers.

TESTING SUPPORTS

Global cues will make markets test suports in the zone of 4910-30..This has been a slow unwinding of longs w/o any panic or furor..5050 zone now appears to be a strong resistance and good supports again lie deeper at 4830 around zone..4900 should hold in close as HIGHEST OI is at 4900 puts..Trade accodingly ..enjoy the day cheers.