The Bulls and the Bears are engaged in a war to protect their territory that was demarked yesterday for short term trend. The news favouring the bulls to continue their run but the contraction at the higher level due to lack of steam left for up move threatens the Bulls.
The poor IIP numbers and slow down in the economy is a cause of concern but the favourable crude and slowing inflation, domestic fund raising plans by Govt. through BSNL, NHPC, reform process and the P-notes favour to attract more FII money are favourable to markets.
The Nifty is critically positioned, slight bias to bulls but today the ongoing bull run will be threatened if it fails to cross 4597-93 level, seems difficult given the global market situation. Incase we stand out today above the 4500 closing then we ca safely go for staggered investments in blue chips.
The Nifty has resistance at 4579-85 level, very unlikely to touch as the openinging could be below the support level at 4509-11. The Nifty may find first support at 4461-56 level but the best could be at 4419-21 level. The closing shall be above the first support level can console the bulls.
For Stock Specific Action, Visit: www.intradaystockcalls.blogspot.com
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.
Wednesday, August 13, 2008
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