The Nifty made an undeterred up move slowly but steadily. The close above 4515 is a positive move with consolidation. The deliveries need to be checked once the Nifty trades below 4223.
The yesterday move came with the support of ITC, HUL, ICICI, SBI and Reliance leading the up move hand in hand with REL, Tata Power and ABB. The autos made their contribution to the journey. The Nifty has made a good move by building the bottom and likely that could consolidate between 4353-4550 level for 10-12 trading sessions before it could test new high in future.
For today, The RIL may correct after touching 2006-03 level and may close at 1963-68 level could become a sign of down turn while consolidating. The RCOM and GSFC are in news.
The RIL has support at 1976-73, RCOM has support at 535-33, Bharti has support at 829-26, Tata Steel has support at 683-85 levels. The day trades can shorts in IDFC below 131 and ICICI below 916. The techs likely to move and support the Nifty in the early trades.
Friday, September 07, 2007
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