Markets opened 08/01/2010

Markets opened on a flat note ,traded with negative bias throughout the day to close in the negative territory. On the daily charts , we are witnessing a bearish Evening star candlestick pattern .The highest high of the three candlestick i.e 17790 / 5310 levels would now act as the near term resistance for the markets. On the downside if indices trade convincingly below 17567 / 5245 levels then it is likely to test 17334 – 17188 / 5177 – 5133 levels, where the markets are expected to take support, as the intermediate bullish trend remains intact.