The robust closing of US markets will prompt the Asian pack to open higher. The real challenge is that the markets traded in very narrow range for a week, waiting for the short term strong triggers to place Nifty in a better orbit. The early sign of cracks in the bottom support of Nifty has surfaced but the Friday recovery negated the weakness. The Capital goods sector lost its upward momentum is a concern at this point along with the RIL.
If it fails to grab the opportunity to trade above 4585 in the opening bell and shall cross the 4635-29 resistance, good to see the closing above 4611 to expect the Nifty to cross the higher orbit resistance at 4735-50 level in the next 2-3 trading sessions, then the short term high can be capped till it reaches the first lower support at 4360-4340 level from where it could struggle again to build for a better up move.
The Nifty can build above those levels only when the heavy weights support. The weak points for the Nifty are RIL & RPL apart from the tech pack. Now RIL has to take this opportunity to open above 2335 level and shall cross the high of 2385, RPL had to cross the hurdle of 174-176. Incase RIL trades below 2316-18 level, RPL trades below 171 till the afternoon, Bharti trades below 865, then the selling pressure may emerge in the last one hour.
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 11, 2008
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