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
Thursday, September 06, 2007
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).
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).
Tuesday, September 04, 2007
The range bound & Global cues …
The influence of US markets and the importance of global cues reflected once again on Indian market. The US holiday brought stand still in the movements of other markets and the Sub-prime devil is sub-due without many headlines.
The Nifty just crossed to 4501 but did not trade above 4496 level and just touched 4460 but did not trade below made all the difference. The range bound move restricted the scrips and Nifty to touch the anticipated levels but likely to touch tomorrow. As posted, SBI did not cross 1621, RCOM stooped at 450 level and Tata Steel capped at 699 level.
As expected, the NTPC slide to 180 level and the techs tried to surpass their immediate resistance levels. The DLF and Unitech made good moves and now DLF has become an indicator – a fall below 589 is an indication of weakness in the whole market.
The Nifty just crossed to 4501 but did not trade above 4496 level and just touched 4460 but did not trade below made all the difference. The range bound move restricted the scrips and Nifty to touch the anticipated levels but likely to touch tomorrow. As posted, SBI did not cross 1621, RCOM stooped at 450 level and Tata Steel capped at 699 level.
As expected, the NTPC slide to 180 level and the techs tried to surpass their immediate resistance levels. The DLF and Unitech made good moves and now DLF has become an indicator – a fall below 589 is an indication of weakness in the whole market.
The recovery rally may…..
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.
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.
Monday, September 03, 2007
Consolidation to cross HIGH!
The Nifty has made a sterling move on Friday. It stayed above 4420 level through out the day. As posted…… (In case Nifty trades above 4393-96 level no shorts but long in Tata Steel, Ranbaxy, NTPC above 165 Stop loss at 162.85. The Satyam good above 453, infy above 1863 and wipro above 473-71). The Tata Stell, Ranbaxy and NTPC gave good returns. NTPC low is 165.7 and Satyam did not cross 453, Infty did not trade above 1863 but Wipro crossed 473 and touched 488+ level.
The challenge is whether we can cross the new high in this run?. It is unlikely to happen, as the top performers except RIL are not in the momentum as they were earlier. As expected earlier, the Nifty has good support at 4235-50 level and very good support at 4140 level.
For today, so long the Nifty trades above 4420, the bulls enjoy and softwares get support. The infras will advace further with GMR- good above 820, DLF- above 603 stop at 596. In case Nifty fail to cross 4489-91 level and low below 4439 then try shorts in RCOM below 443-resistance at 548-49, Tata Steel resistance at 703-06, SBI resistance at 1604-06, ICICI trades below 878 stop at 888.
The challenge is whether we can cross the new high in this run?. It is unlikely to happen, as the top performers except RIL are not in the momentum as they were earlier. As expected earlier, the Nifty has good support at 4235-50 level and very good support at 4140 level.
For today, so long the Nifty trades above 4420, the bulls enjoy and softwares get support. The infras will advace further with GMR- good above 820, DLF- above 603 stop at 596. In case Nifty fail to cross 4489-91 level and low below 4439 then try shorts in RCOM below 443-resistance at 548-49, Tata Steel resistance at 703-06, SBI resistance at 1604-06, ICICI trades below 878 stop at 888.
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