The markets are taking time to consolidate to take a breakout move. The markets across the globe lost more than 4% but were didn’t participate due to holiday. The markets take the Infosys cue and the yesterday meltdown. Incase the tech bellwether could project well for the next year with out fear due from the GE, then the markets likely to correct by 2% otherwise the markets may close below 4640. The markets shall not close below 4620 for more than two days can cause a severe damage to the Nifty.
As we expected RIL move the real saver of Nifty may not close below 2270 as the news flow is very positive. Incase the Nifty fails to trade above 4650 even the RIL trades above 2280 can be a temporary fall that can become a trap of bears. So the Nifty can move up so long RIL trades above 2120 and RPL trades above 153 then the bulls have some thing more to say in the short term.
Tuesday, April 15, 2008
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