The stocks are consolidated before they make good move. The correction is due as the prices reached high in relative terms. The market has become more stock specific and the moves are either side triggering stop-losses. The RIL, SBI and Relcap performed but failed in ICICI and Siemens failed. The autos presented a different move than the anticipation. The ICICI bank, ACC, Guj.Ambuja and Reliance are holding the Nifty above 4350 levels with support from RCOM. The cements and textiles made their up moves.
The Nifty has support at 4312-15 and the bear pressure can be absorbed at 4293-91 levels. The RIL is just above the crucial support at 1711-1713, SBI good above 1551-49.The up move in the last hour in ICICI brought it to bulls grip has good support at 946-945. The Tata Steel builds the bottom support at 601-603.
I prefer long in ONGC above 881, RIL above 1721 and SBI above 1566. In case of bear move, go short RCOM below 539, Tata steel below611.
Thursday, July 05, 2007
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