THE INDEX TODAY WAS DOWN BY 2.7% AND CLOSED AT 3218. THE INDEX HAD A VERY STRONG SUPPORT AROUND 3371 AND DURING RECENT RALLY IT FAILED TO CROSS THAT LEVEL ON A CLOSING BASIS. THE INDEX TODAY CLOSED BELOW ITS RISING TREND LINE AND HELD CRUCIAL SUPPORT PLACED AROUND 3185. WE BELIEVE IF 3185 IS BROKEN ON A CLOSING BASIS PSU BANKS MAY WITNESS FURTHER SELL OFF AND CRASH UPTO 2950 LEVELS. CONVINCING CLOSE ABOVE 3371 IS REQUIRED FOR THE PSU BANKS TO GAIN FURTHER MOMENTUM. WE REQUEST TO AVOID ANY BUYING IN PSU BANKS IF INDEX TRADES BELOW 3185 AND UNTIL IT KISSES 2950.
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