The Nifty lost the important support at 4093 and touched the low 4066 closed at 4077. To nullify the bad effect, Nifty should trade above 4113-4117 in two trading sessions, other wise bears will have better grip. The market as such not in bears grip but the party seems to be over. The banks, autos, tech, FMCG and even pharma scrips are finding difficult to stay at the current levels.
So tomorrow market should cover the losses and at least close above 4106 other wise it could be wise to half load the carry forward stocks by 50%.For tomorrow, ONGC should trade above 906-908, and as such RIL was strong till date and until it trades above 1575-1573, so is the market.
CAUTION: It seems that RIL could touch 1490-1486 range and ONGC could touch 850-845 range, ICICI at 780-770, so is BHARTI at 760 as result they will drag the Nifty to 3860 level.
Tuesday, May 08, 2007
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