The Indian market- a follower...

The market missed the all time high on Friday due to Asian market weakness. Our market lost it’s leadership to move up on it’s own strength but taking leads from global run-up. The smallest correction is hampering the upward move. The heavy weights except ABB, RIL, SBI, RCOM and Bharti lost their up ward momentum can lead to a strong correction. The operators are propping the stocks by buying in Mid-caps. So the Nifty will take the reversal journey any time from now if it fails to trade above 4189-4191 range. For the time being off load the positions and re-enter after the money collection issues are over.
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The all time HIGH day

The Nifty will create a historical event by registering the all time high. The trend will continue if Nifty trades above 4270 and close above that level. Then the Nifty could touch 4390-4420 as the trend continues. But the trend reversal can take place after the May series at least for a brief period of 6 months as the long term story is intact. The bulls may reduce their support to RIL and Tata Steel and extend to telecom. The RCOM will do well above 493 likely to cross 520-525 resistances.
The negative biased mixed Asian markets and weak ADR moves could dampen the jubilance move of bulls but on the lower side Nifty shall not cross 4159-4151 range. The BPO & H1-B issues are impacting the up move in techs and drag to lower levels.

Bulls celebrate the new highs

The Nasdaq & Dow were up, our ADR’s positive and the positive Asian stocks move will add strength to our bull move . It is likely that tech bandwagon will support the bulls to prop-up the Nifty to scale higher levels with other celebrities already enjoying yearly high and all time highs.

The RIL shall not trade below 1621-23, Bharati above 828, Infy above 1982 and RCOM above 481-79 range to be traded to enjoy the bull movement. The movement in Banks could take a breathe of rest and the results of Tata Steel could impact the up move some where at 610-615 range. The de-merger proposal will decide the movement of Bajaj auto.

Just follow the trend!

As posted earlier the Nifty could cross the 4171-73 resistance with good bottom support. So the Nifty could easily cross the all time high as the stock exchanges celebrating the bull momentum internationally. The move is very much restricted to a few stocks, so the real broad based breadth of celebration is lacking made the glory a bit dim. To sustain this upward move, market should open with a 30 point gap above 4203 so that the new high be recorded on Thursday. In case the global weakness put the iron hand on the top, then Nifty lower support at 4130-33 shall not be breached. It is very likely that the markets will cross all time high by Friday.
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For every Rise there is a Fall

The market is behaving very violently to every rise as every body is skeptical about the rise. The Asian markets fall could help the bears to wage their war at highs. The market made a double top at 4151 but the bottom support is strong so long as it trades above 4080 range. The heavy weights supports should not be breached tomorrow- like RIL above 1573-75, ICICI above 862-64, Infosys above 1920, ONGC above 883-85, Bharti above 820 and RCOM above 465 make the Nifty to float above 4080 level.
In the previous posts stated the Nifty should pierce the resistance of 4171 with in two trading sessions to cross the all time high. Though the bull power is restricted at that level, tomorrow they should focus to trade above 4150 level in the morning trades to give afresh call to cross the 4245 level. Whether the Nifty crosses or not the Mid caps will perform even the Nifty leads southwards.

Can Maran’s issue sue the market ‘up move?’.

The Friday fruits of recovery can be spoiled due to Maran’s issue as the telecom giants like Bharati, RCOM, VSNL and MTNL are involved. We have to see whether the market reacts positively on to SBI’s 75% net profit growth of 4th quarter or negatively disappoint over 3% rise for the whole year. It has the carry forward impact on the banking sector. The market is looking for strong supporting cues such as positive monsoon spread and favorable policy decisions. Otherwise the global cues are favorable on the buy side, so technically market should trade above 4103 not breaching 4081 on the lower side.
For stock specific calls visit www.intradaystockcalls.blogspot.com & www.gainfulstockcalls.blogspot.com