The global turmoil has not came to an end as one after one bad news is unwinding after every rise the markets are inching globally. The spin that created due to sub-prime issue is going to settle in a week’s time as the eve of Budget-08 is going to creat its interest at the Indian bourses.
The technical’s are building on weak foundations of global cues at Nifty level but the bottom building is on. Incase the Budget fails to meet the market expectations then the markets likely to touch 4135-45 range and may stay in that range for more than an year as the election schedule will dampen the markets. So the crucial support at the first level exists at 5115-5085, then the crux of Nifty support exists at 4503-4518.
The markets look southwards so long Reliance trade below 2645-50, but the Bulls keep their faith strongly to fight against all odds until Reliance trades above 2400-2380. The immediate support for the Nifty is at 5225-15 and the front line Nifty movers are favouring the bulls at this point in time.
Wednesday, February 06, 2008
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