The Asian markets are reeling under pressure from the financial troubles facing by the US mortgage companies and the escalating tensions around Iran and the Israel. The US big brother control over the resources and geographies are the real causes for the commodity prices upward move but unfortunately in the uni-polar world there is country dare to question/check the US high handness.
The tensions across the global equity markets spreading fear in the emerging markets investments there by drifting lower and lower.
The Nifty is having reasonable first at support at 3961-63 level and the 3900 shall hold till the trust vote is over. The Infy shall find buying support at lower level as the correction is very steep. It was deep down at 1310 level in second week of March gone up to 2000 level in June came down to 1550 level. So it will save Nifty and the price can go from 1500 to 1680-1720 level in near future.
The telecom stocks will rise as the 3G auction is all set to take place in a month or two and Bharti is good for del. above 750 level, but for today it is very likely that it will be available at 703-06 or even below that support level. The RCOM will rally from this level to 580 level once the reverse merger with MTN takes place.
The RPL can drift to lower in case it trades below 163 level and the reality and infra likely to see lower levels. The metals especially ferrous will find selling pressure for today, Sail is weak below 139 and Tata steel below 686-89 level.
Tuesday, July 15, 2008
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