Pause on the cards…….

The Nifty is likely to take pause in the no-stop up move run over 2 weeks. The stocks that attracted the bulls attention reached to a level where the new investors finding it difficult to enter. So it is likely that the Nifty may correct at least by 150 points.
The RIL has resistance at 1975-79 level and may find support at 1820-26 level, the ONGC has more space on the upper side so long it maintains above 809. The upper side capped for RCOM at 549-53 level and likely to touch 501-496 level. The SBI has resistance at 1596-1602 level and find good support at 1520-16 level. The very good support for SBI at 1440 level and in case it breaches then the whole market favours bears, then NIFTY will test new lows at 3860, next at 3680-83 levels that came in Oct-2006.
For today the Nifty is likely to open below the support level of 4463-61 and has support at 4420 as first and the best at 4393-96 level. The RIL has support 1912-16 level and SBI has support at 1565, next at 1551-53 level. The Bharti and RCOM are likely to correct- RCOM has support at 521-18, Bharti at 829-26 and the good support at 805-09 level.The GMR has good support at 773-71 level but good to buy at 721-23 level for decent gains.
As suggested, those who are long in DLF above 603 may book profits and re-enter at 618 level. The IDBI has phenomenal run from 105 to 136 and Idea from 105 to 124 can book their profits ( read earlier posts).