The markets are facing difficulty to advance due to the turbulence in the country caused by the terrorist activities and publicly announcing their targets. The positive Asian markets cues are likely to cushion the steep down fall but I think the markets are likely to open at lower level by at least 30 points gap down. If we consider the past experience is a measure of indicator then the markets are likely to advance but the heavy weights failed to impress the street with their numbers is now a major concern. The ONGC, L&T, Kotak bank, HDFC bank, STER and Sun pharma are going to publish their quarterly numbers.
The ICICI bank failed to provide good results but also warned with a depicted growth slow down picture. On the other hand the banking major SBI has provided a meaningful quarterly performance but the NIM was reduced considerably. The MTM losses are eating the profits even to the biggies like RIL- more than 900 cr., ICICI reported more than 590 cr. where as SBI has reported 1656+ cr.
The Nifty will become strong only when it trades above 4360 and crosses the resistance at 4385. The strong momentum generated for the last 6 trading sessions will have some thing to say for and the next resistance at 4685 that may be crossed with out much resistance from the bears. The last two trading sessions diluted the bull momentum and the serial bomb blasts likely to impact adversely in the coming trading sessions. The short-term lower side support exists at 4093-4100 level that will give a bouncing support. For today, the lower level support at 4230-4240 level likely to be challenged.
For Stock Specific Action, Visit: http://www.intradaystockcalls.blogspot.com/
Never Forget: I may be wrong, You may be wrong but markets always RIGHT.
The ICICI bank failed to provide good results but also warned with a depicted growth slow down picture. On the other hand the banking major SBI has provided a meaningful quarterly performance but the NIM was reduced considerably. The MTM losses are eating the profits even to the biggies like RIL- more than 900 cr., ICICI reported more than 590 cr. where as SBI has reported 1656+ cr.
The Nifty will become strong only when it trades above 4360 and crosses the resistance at 4385. The strong momentum generated for the last 6 trading sessions will have some thing to say for and the next resistance at 4685 that may be crossed with out much resistance from the bears. The last two trading sessions diluted the bull momentum and the serial bomb blasts likely to impact adversely in the coming trading sessions. The short-term lower side support exists at 4093-4100 level that will give a bouncing support. For today, the lower level support at 4230-4240 level likely to be challenged.
For Stock Specific Action, Visit: http://www.intradaystockcalls.blogspot.com/
Never Forget: I may be wrong, You may be wrong but markets always RIGHT.
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