The lower support is crucial!

The Nifty did not breach the lower support of 4551 as posted yesterday but the fall from higher level due to profit booking and the over nightfall of US can fuel doubts over the continuation of bull move. This can put some pressure on bulls to unwind their positions and the bears may take this opportunity to apply pressure to break the immediate supports of Nifty and the leaders. The Nifty has good support at 4489-87 level and this will stand valid so long RIL stays above 1841-43, Bharti above 898-901 and RCOM stays above 556-61 levels.The rotation of stocks is the day of the trading style. It is likely that ICICI may get selling pressure and in SBI, incase it fails to trade above 1581-83. The up move in steel stocks can take halt but Tata steel is good above 705 and Sail above 153. The techs may correct further, this time Infy cannot stay above 1935 if it trades below 1966, Satyam weak blow 463, TCS below 1151- otherwise they are in trading range. The ONGC and power equipment manufacturing can save the Nifty from steep fall. The stocks are positive, ONGC above 895, Bhel above 1621, Suzlon above 1450, ABB above 1085 and NTPC above 156-157.