Chart Check: Excerpts of my morning mail to the Paid Groups:

The market had a positive opening yesterday morning taking cues from the global peers. An extremely choppy and volatile session followed. Eventually the trading session ended in the negative territory comfortably above the 4600 mark.

It seems as if the market is trying to form a base at the current levels before continuing its ascent towards 4700-4800 mark. In case of Nifty XXXXX (This portion only for the Paid Groups) is likely to be the key support for the next few trading sessions.

Breaking below this may translate into a significant correction all the way to XXXXXXX (This portion only to the Paid Groups). The medium to long-term trend of the market continues to be robust. Accordingly, investors may continue to hold on to their longs and start buying small quatities in the stocks which have stabilised and formed a bottom.