The bottom building exercise!

The Nifty took support at 4280 as thought the closing would be, this helped Nifty to close above 4320 which is very much needed at this hour to threaten the bears. So the tomorrow move will make a clear difference on which side the Nifty is ready to go.
The RIL has made a stellar move by crossing 1863 and reached 1890, this saved the debacle in spite of ICICI’s negative move. In the steel sector Sail moved up. As expected, BHEL closed in red and L&T stayed in a subdued move but they stayed in positive as the Nifty stayed in positive against the expected 20 pts. down move. The SBI stayed almost the entire day above 1545 but could not trade above 1565 a necessary condition for an up move to touch 1640+.The Index heavy weight scrips moved almost 10-15% from their lows. It is very likely that the profit booking is in the offing. But that does not change the course of upward journey made from 4000.
So long the ICICI stays above 815-18, SBI above 1448-51, Bharti stays above 805-06 and RIL above 1741-45. The Nifty has strong support above 4108-10 until then the bulls strength won’t wane away.