As posted the Nifty opened above 4235, crossed 4263 and the short covering can be seen when reached 4295-4306 range and touched a high of 4310.The RIL in the morning session did not cross 1815 but after noon touched 1840 and RCOM crossed 525. The 1485 resistance for SBI has become support today and rallied there after crossing 1545 to 1560+. The ICICI crossed 863 and stopped at the resistance level at 888.
Today’s move helped bulls to threaten the bears to cover their recent shorts made below 4075 but the real challenge a head to carry the up-move above 4379-85 levels. The offloads due to lower level deliveries and selling pressure of bears move to many frontline stocks come when the Nifty crosses 4365.
The Nifty likely to move for 10 trading days between 4100-4440 before it make a fresh bid to cross the all time high. In case Nifty retraces from 4365 without touching 4425-28 then the bears celebrate in advance for a deep correction.
Monday, August 27, 2007
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