Bulls bite RED, carnage across…..

The bloodbath across the globe with 2-4% down on indices will make our openings lower than the immediate support levels. The days like this, the support levels won’t take any real support, as the supply of stocks at any time cannot be predictable. The panic situation cannot be easily managed unless one tries to have a long-term view with deep pockets garner the opportunity.
Any way we have to live with the situation whether we like it or not. Two days back I suggested offloading all del. to buy at lower levels. The Nifty has support at 4496-4491 level and very good support at 4412-15 levels. In case Nifty can stay above 4512-13, we can breath easily as the damage can be managed immediately.
We have RIL and ITC results, any unexpected positives from RIL can save the day other wise total shave. The old levels for techs valid, the good supports for RIL-1875-71, ONGC- 891, SBI-1509-06, ICICI- 917-22, INFY-1935, Satyam 479 and 471, Wipro – 491-93, RCOM-540, STER- 631-29, RelCap-1206-09, TataSteel-673-71, Bhart-875-73. Incase more than 5 counters trade lower than these levels, just consider the market is in downturn. The carnage effect will take at least 5-7 trading sessions before a clear bull move to emerge, if at all the short-term prospects live intact.