The Nifty will create a historical event by registering the all time high. The trend will continue if Nifty trades above 4270 and close above that level. Then the Nifty could touch 4390-4420 as the trend continues. But the trend reversal can take place after the May series at least for a brief period of 6 months as the long term story is intact. The bulls may reduce their support to RIL and Tata Steel and extend to telecom. The RCOM will do well above 493 likely to cross 520-525 resistances.
The negative biased mixed Asian markets and weak ADR moves could dampen the jubilance move of bulls but on the lower side Nifty shall not cross 4159-4151 range. The BPO & H1-B issues are impacting the up move in techs and drag to lower levels.
Friday, May 18, 2007
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