The markets are struggling to face the new challenges at higher levels but are determined to fight against the present situation. There was no specific change in the economic/political situation but a favour came from “cooling of crude”, gave some bottom support to market.
The tech results are not very enthusiastic to take the Nifty levels to higher levels from these levels be it with Infy, TCS. The telecom stocks with lead from Bharti are going to scale high. After the 60 points positive start it went back to 70 points negative but recovered well with support from ONGC, Bharti, Ranbaxy, HUL, capital goods & power sectors.
The Bearish out look will remain at least for two quarters for sure. The crude has to trade below 120 dollars and the resultant ease of inflation will give positive signals to RBI to relax the money tightening policies. The cumulative effect can be seen in the indices with confidence in the investor community, then the Nifty will trade above 4500 level and the foreign money will chase our stocks. Till these things happen without much deviation, the markets will be in trading range.
Anyway we have to live with the numbers, the Nifty has some support at least for the time being at 3800 level till the trust vote. The temporary support shall push the Nifty above 3879 level in the morning trade and shall cross above 3940 level to see Bulls build confidence for time being.
The traders might have observed the fall in RIL below 2020 level and RPL below 163, once their support levels (suggested) were breached.
The Stock Specific Action, Visit: http://www.intradaystockcalls.blogspot.com/
Never Forget: I may be wrong, You may be wrong but markets always RIGHT.
Wednesday, July 16, 2008
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