>Eagleeye(SHAREKHAN)

Market opened on a positive note, with the Sensex higher
by 200 points and Nifty up by 60 points. The market was
volatile all through the day with a low of 8,442 and closed
at the day’s high of 8,970. Bulls filled the bearish gap,
which was a crucial resistance at 8,726 and gave a close
above this level. Nifty has given a close above 20-hourly
moving average, ie 2,640, which is a positive sign going
forward. The momentum indicator on the daily chart is
on the verge of giving a positive crossover, but is trading
below the zero line. The 20- and 40-day moving average
is at 9,466 and 10,621 respectively for the Sensex, which
are strong resistances on the upside. Further, good support
levels are around 8,600 and 8,400. The market breadth
was positive with 6,42 advances and 47 declines on the
NSE and with 1,186 advances and 1,311 declines on the
BSE. Our short-term bias is up with support at 8,700 and
target at 9,175.
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