Saturday, August 04, 2007

Can the up move sustained?

As posted Nifty touched 4428+, SBI strong above 1603 touched 1652, RCOM crossed 554, Tata steel stayed above 654 range, gave good returns to buyers. The realty sectors got good support from investors. Nifty sustained the up move with the support from all sectors especially capital goods, the banks and metals.
The challenge now is to see the immediate support levels shall not be melted as they formed with double bottom support. The nuclear 1-2-3 is good sign for bilateral relations and economic ties with USA.
The concern on technical front is the drag on Nifty by auto & tech weights, Bharti, ICICI bank and Reliance down ward moves building nervousness. The banks move relatively reached to complacency levels is a threat to the upward move of Nifty. The mid-caps will out perform in the coming up move, as the future is very promising to them. The Monday move is very crucial to the markets and should stay above 4373 and any down ward move will be serious that could wipe out at least 250 points.

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