The Nifty could comfortably cross the initial hurdles with out much pain while the other Asian markets are heading south words. The contrary move will help the Bulls
Due to the short covering orders automatically push the indices but the gut feeling to face the Bear onslaught at the opening is the determined effort displayed by Bulls.
The Nifty is now in over bought position and the support levels are close to their closing prices are not a good sign while moving up. The Nifty positive development that happened is that the Nifty advanced with support levels at every 50 points down the closing.
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 sole drawback in the whole episode of advancement is the RIL, not able to participate whole heartedly. The RIL is weak below 2250 and good above 2285, will become stronger incase it crosses the resistance at 2350 level, so will be the Nifty. The RPL is also struggling to cross 174-175 resistance but the console is trading above 167-166 level.
The markets will become weak when RPL trades below 166, RIL trades below 2150, Bharti trades below 793 and the best out performers-SBI below 1430 and Relcap below 1293-1296 level.
Never Forget: I may be wrong, You may be wrong but markets always RIGHT.
Tuesday, August 05, 2008
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