DOWNSIDE BREAKOUT!!!!!

NSE ASI gapped down by 442.36 points closing the week at 26,784.90 below a Support level of 27,000.

Today's close saw All Indexes on a daily/Weekly time frame close in RED. At the close of market only 6 stocks gained for the week (table below).

So why is the index down?

• OANDO PLC, a bonus of 1:2 today

• UAC-PROP, a bonus of 1:4 on Monday

• Frenetic mood on Global Market.

• Panic Selling

From a Technical View,

The Index ended the week as the first negative week since the rally begun in April. Looking at the weekly charts, market still above its last support line of 26546.89 points not a lot, but enough to indicate strength.

I foresee an increased Buying pressure on Monday as the NSE ASI tests various support areas between 26.3000- 25.600 points

USE TRW STOCKBROKERS LTD SUPPORT & RESISTANT LEVELS for Good Entries

MARKET INFO:

MARKET RESULTS 21ST MAY2010

HAVE A NICE WEEKEND

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