The weakness in the global cues and the red in Asian markets may put pressure on our markets too. The challenge is to see how much strength in the markets to absorb the selling pressure and the resilience to keep the neck out to say “I am Strong”.
The SGX Nifty is trading 30 points discount to yesterday closing. The SGX Nifty is now at 4300 level. The Hang Seng with its robust yesterday move slide only one fourth but Nikkei lost all the gains made yesterday. The closing of august series will influence the markets rather than the outside clues.
The Nifty as earlier said has support at 4280 level but it shall not trade below that level as it is a sacrosanct level with a small consideration up to 4240 level that could become as a last chance. The upper side pressure are used as opportunities to buy the stocks, enables the Bulls to run smoothly “turf clearing” exercise for a big up side move. The distress selling will affect the sentiment that may propel further selling, unwinding of longs and lack of buying support may cause a irrepairable loss at this juncture.
The RIL, ONGC, RPL, Bharti, Infy and SAIL stocks levels are at previous levels. By the closing of Aug series it is very likely that the Tata Steel may bounce to 620-28 level, Tata power may recover 50-60 rupees. The RCOM is good above 403-05 level may rally to 430 when it crosses and trades above 415 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.
Tuesday, August 26, 2008
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