The US negative, Asia mixed with small corrections. The ADRs are negative. The Nifty may face the post results heat of ONGC. In case ONGC fails to trade above 921 and low below 909 bears take advantage. The RIL levels did not changed, any move below 1703-01 is for bears and above 1716-18 is for bulls. The RCOM in bulls favour so long it trades above 506-08 and the Tata steel may move above 609-11, if failed and trades below 598 is a clear sign of bear grip that can take back to 540 level before it could resume a fresh up move. The SAIL is good for long term only when it make a low of 112-109 levels. The positive side scrips are limited to banks and media.
The Nifty may face resistance at higher level at 4269-71 and support at 4239-41 levels and the weight is on lower side breach unless a big move happened in HLL, ITC and Suzlon make as day savers from bears. ITC is good above 152-153 and HLL above 190-191, 1% stop-loss is enough.
In case of bears take control of the day, the losers can be from Relcap, SBI ICICI and M&M. The chances of up move are more in Satyam, Wipro and STER.
Tuesday, June 26, 2007
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