The markets though exhibited a robust up move and consequent weekly positive close will be challenged in the next two trading sessions due to the fluid political situation in Delhi.The Nifty has immediate support at 4030-4040 level to expect the bull move to continue further. The next support available at 3979-81 level but the ultimate support that formed in the recent times is 3820-30 level.
The horse trading is at its high spirits, no longer confined to smaller parties but to individuals who dare to question the CHIEF. The nuclear issue has become the election issue and parties are trying to attract the other and backstab the opponents. The parties draw their lines not only on the trust vote issue but their personal interests are at their best bargaining capacity. Whether the govt wins the trust vote or not but Indians faith on the leaders integrity was tarnished.
The real support came from ONGC, RIL, Bharti and the nuclear related power pack of NTPC, ABB and the RELinfra. The REL infra has good support at 805-801, ONGC is strong above 840, Bharti above 850 level, NTPC is good above 163, suggested in earlier postings. (The market pulse check by STOCKOMETER:Titled:Can we be in green….The Reliance closed below 2020 level but for today it shall trade below 1990 so that the bears can make their day happy at this counter). Yesterday the RIL showed an excellent support at 1990 rallied up to 2100+, so the scrip will become weak below 1990 level.
Never Forget: I may be wrong, You may be wrong but markets always RIGHT.
Saturday, July 19, 2008
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