Only down….down/low grades….

India is now passing through a rough phase with low grade, lower grade marks for investments as “Fitch down grades India”. The down grades from Moody’s and Standard & Poor will come out with their reports soon.

The gloomy picture of today was not visualized in Jan-08.The crude was at $120 per barrel and every body expected that it will touch $150 per barrel but the markets across the world were in jubilant mood with bullish out look. Now there was nothing left to write on the emerging India’s growth story or the opportunities available. Now the issue is how fast we recover from the pessimistic views to positive view?.

The markets sold off today and could not recover from their lows. The Nifty supports are eroded with the flood like supply of selling orders. Now the Nifty lost it’s significance of bottom supports and the present situation throws a new challenge to cross the hurdles on the up side. The fist hurdle to cross is at 4040 level and should cross the second hurdle at 4280 level then there is some thing left to think on the Bulls side.

The Reliance to cross the resistance at 2140 and later it has to cross the second resistance at 2260 level to confirm the ease of the Bear pressure in this counter.
The banking sector heavy weight like ICICI has to cross the resistance of 645-50 level and the SBI has to trade above 1390 level. After persistence efforts at the front line stocks can throw light that some of the positive efforts of Bulls are yielding results. The earlier posts were discussed about the other heavy weights of Nifty that can influence.