The Bulls could trap the Bears by bringing down the Nifty in the early trades and the Nifty took U- turn from 4481 level. The run-up to cross the resistance at 4506-08 level can be observed in the chart. This is to make the Bears to take a back step and cover the shorts made by the weak hearts. Today’s move is clearly to eliminate the previous two days shorts. The technical levels though favour the bulls at this point in time but not a good place to carry the deliveries for a longer period.
I am supporting the bears as most of the counters are saturated and hanging around those levels as the Nifty is not going any where for the last one week. These behaviors can be a consolidate move at higher level but the level of operation doesn’t support the argument. Tomorrow, the Nifty opening above 4563 and the low should be above 4520-23 level, shall trade above 4569 level for an hour can be considered as a good sign as the bottom building happed for a big move along with RIL above 2063 level and SBI above 1706. The L&T shall trade above 2640, BHEL shall trade above 1935, Bharti above 853 to make this move a favourable attempt made by Bulls to create a landmark in the Nifty.
Wednesday, September 19, 2007
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