The hope that was generated from the overseas markets was belied as the Nifty failed to trade above 4363 level as the strong resistance made the Bears to cash the opportunity to sell at higher prices in the morning.The Nifty high touched was 4398.80 and the low recorded was at 4317.95 for this day and closed at 4335.35 level. As posted earlier dt 24-08-08……….. The Nifty was at the verge of the collapse incase if it fails to add at least 70 points to trade above the 4397 level.
The Nifty is technically in sell situation but the gravity was not so serious. The Need to trade above 4350-60 level to mitigate the bear pressure and some buying coupled with short covering may emerge above 4400 as the expiry will close by Thursday, 4 trading sessions away. The Nifty shall not trade below the support level at 4280 to see the up move in future).
The RIL has made a decent move by crossing the 2264 resistance but selling pressure brought it down to 2230 level. The ONGC has made good come back, trading above the support level at 1020 level but failed to cross the resistance.
The STOCK-TRADING is a “Skill-FULL Job”. NEVER blame others for the LOSS/DEALS.
Never Forget: I may be wrong, You may be wrong but markets always RIGHT.
Monday, August 25, 2008
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