The higher level selling.....

The Nifty could not hold the opening gains due to selling pressure from the bears as the near time resistance is close to today’s high and the selling from the investors who made decent gains over 50% from the lows to many financial sector stocks.
Nothing un-natural happened but the global cues for tomorrow and next following sessions will decide whose side the market swings.
The MARKET pulse check by STOCKOMETER: The Nifty is strong above 4450 and may get the second support at 4400-4391 level. Incase Nifty could open above 4540 and trade above 4575 level then the short term fears will be vanished, other wise the tension to carry the longs persists. The Nifty opened above 4540 level and could trade above 4575 level in the first half and the selling came after 2.30pm.

In my Stock Specific Action I mentioned that The RIL good above 2250 and may touch 2315 and can advance to 2350 level as expected RIL touched a high of 2349.
The Tata Steel is good above 691 and weak below 678-79. The entire session it traded below 679 and touched the lower support at 641.80.
The Essar oil may correct further in case it trades below 236-34 level, the high shall be restricted at 245 levels. The morning low at 234 was breached in the evening and low touched at 225.30
The RPL is strong above 175 and weak below 169. The high was 176.9 and low was at 168.25. The DLF, Unitech, JP are in good momentum. The JP may face higher level selling at 193 level, the high touched at 192.40.
The Relcap may find resistance at 1471-75 level, The high touched at 1468.70. The SBI at 1621-23 level but the high touched at 1639.
The ICICI bank likely to retrace from 713-15 level and it will become strong above 728 level. The morning opening above 728 took it to touch a high of 747.50 and later fallen to 698.60 level.
The RCOM is good above 446-48 and weak below 436-38 level. The RCOM traded entire day above 446 but the low registered at 445.

In my previous posts titled: The mayhem in metros…28-07-2008, The Nifty will become strong only when it trades above 4360 and crosses the resistance at 4385. The strong momentum generated for the last 6 trading sessions will have some thing to say for and the next resistance at 4685 that may be crossed with out much resistance from the bears. The last two trading sessions diluted the bull momentum and the serial bomb blasts likely to impact adversely in the coming trading sessions. The short-term lower side support exists at 4093-4100 level that will give a bouncing support. For today, the lower level support at 4230-4240 level likely to be challenged.

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.