(Updated on 18-06-2012 Time 08.00 AM)
Market is showing strength and trading in resistance area.
As indicated earlier it has entered area of strong resistance
and multiple barriers i.e 5129-5159-5159 at higher levels.
5108-5090 are good intraday support.
If trades above 5159 with volumes
then expect 5177-5199-5216.
5238-5269 may not be ruled out on the
back of positive news flows.
If brakes 5080 with volumes for 10-15 minutes
it may drive lower to 5039-5020.
Chances of market sustaining above 5200
levels and holding it for
considerable time are remote.
Hence it is not advisable for traders
to create fresh long and hold long
position in this zone of multiple layers of hurdles.