As posted yesterday Nifty high at 4490.55, DLF gave good returns once crossed 603, then touched 613 and Tata Steel got resistance at 702.5. The GMR did not trade above the resistance 820 but RCOM stop-loss triggered as it touched 550 for those made shorts in the first hour.
The markets continued the upward journey due to the 15 new scrips added in F&O segment. The scrips rallied more than 25% from the announcement. Now those continued to hold NTPC from 165 can book profits by 50% and the rest can be sold at 205-210 range. The NTPC is going to be in Nifty from the 4th quarter of this month so the fund buying and Nuclear power related bull support.
Today the bulls may feel the heat of bear pressure as the global cues favor them. The Nifty is strong above 4426 for delivery candidates, for traders short Nifty below 4481 (at cash levels) stop-loss 4493 incase Nifty failed to cross the high of 4496-98 and low registered below 4463. To support the above condition, RIL shall have high below 1968-69. The RCOM has resistance at 453, Tata Steel at 706-08, SBI has resistance at 1621. Readers might have observed that Satyam failed to cross 453 resistance for the last 3 trading sessions and Infy fail to trade above 1863-65 level. The Nifty likely to touch 4420-4423 range as first support and 4393-91 is a good support for this day.
Tuesday, September 04, 2007
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