The markets suffered the big jolt by the US sub-prime lending issues, we are no exception. We are likely to open below the good support levels developed at 4331-35, but the challenge is whether we could able to come back fast before the steam exhausts. The top index mover RIL has to trade above 1776 level for today to see some recovery, to sustain the bull run it has to trade above 1718 and for any reason it shall not trade below 1671 to see the bull move to sustain.
The day support level to see recovery- RIL has good support at 1776-73, good for long above 1801 (one can try to buy above 1791). ONGC has good support at 876-73, good for long above 917. Above 528, RCOM has buyer’s support, Tata steel supports exist at 621-23 level.
Brave hearts can start accumulating the future performers from now like Zee around 290+, Idea at 118-14, RCOM 501-06, Tata Motors at 620-580, M&M at 620-590 range, Ranbaxy at 355-345.
Monday, August 06, 2007
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