The Nifty at cross roads!

The China volatility is about to spread to India. The slaughtering of the stocks in China was a matter of booking profits made in months. Their stocks raised more than100% in 4 months where as in India it was not so. As a matter of fact, for 90 points rise at Nifty from a high of 4235 on 17th to 4325 on 1st June, it took 12 trading sessions.
The markets showed their resilience as the China recovered from a 6% low to a to 2% high, gave much needed relief for the markets. The readers might have observed that the Nifty could not cross 4298 nor it could close above 4286, a crucial level.
The RIL has become the weakest and the SBI has become the strongest at this point in time. The ICICI is trading above 928-930 level is good to banking stocks. Nifty is strong so long SBI trades above 13003-1306. But the advancing breadth has limited and trading above their immediate support levels.
The market is considered positive so long the heavy weights trade above these levels-SAIL should trade above 141, RIL above 1763, ONGC above 908, TataSteel above 641, Bharti above 929, RCOM above 515, Infosys above 1935, TCS above 1221, and Wipro above 541.The Nifty shall not trade below 4281, then bears will run their day.