The BULLS need support…..

The best opening after a long gap was fizzled out due to profit booking and fresh shorts by the mighty. The markets were void of buying at higher level as the volumes speak. The good news is that the earlier resistances were easily crossed due to the NSG waiver other wise a difficult task given the market conditions. Now the challenge is to take from these levels to cross the 4650 resistance.
The MARKET pulse check by STOCKOMETER: the markets had a decent rally touch the 4558 level. They could not hold above the 4530 level for a longer period, succumbed to the selling pressure. In my last night post mentioned the condition as (…..The real challenge for Nifty is to trade above 4450-55 level to threaten the bears to cover their shorts. I think the retail investors will cover at 4450 level but the HNIs and deep pockets may wait and watch the 4523-29 level is decisively crossed).

In the morning posted ….The Bhel is having first resistance at 1771-73, so it is good if it opens & trade above that level. The next resistance was at 1830 level. It shall not trade below 1685 from where it may loose the fancy. The BHEL opened at 1846.6 and the high touched at 1899.0

The L&T is having first resistance at 2681-83, so it is good if it opens & trade above that level. The next resistance was at 2706-09 level. It shall not trade below 2525 from where it may loose the fancy. The L&T opened at 2740 and the high touched at 2888.80

The REL Infra is having first resistance at 1041-43, so it is good if it opens & trade above that level. The next resistance was at 1088-89 level. It shall not trade below 975 from where it may loose the fancy. The REL Infra opened at 1053 and the high touched at 1109.0

The NTPC is having first resistance at 177-76, so it is good if it opens & trade above that level. The next resistance was at 185 levels. It shall not trade below 168-67 from where it may loose the fancy. The NTPC opened at 189.0 and the high touched at 192.0

The Punjlloyd is having first resistance at 310-09, so it is good if it opens & trade above that level. The next resistance was at 326-29 level. It shall not trade below 293 from where it may loose the fancy. The Punj opened at 307 and the high touched at 323.85

The RIL is good above 2131 level and Resistance at 2168-69. The RIL opened at 2199 and the high touched at 2199 but the traders might have see that the RIL could not trade above 2169.0 level.

The ONGC likely to cross the resistance at 1109-14. The ONGC opened at 1080 and the high touched at 1124.60

The ICICI bank is good above 696 and will rally above 701-03 level. The ICICI opened at 721.05 and the high touched at 750.0

The SBI is good above 1521 level and rally 1550 level. The SBI opened at 1560 and the high touched at 1610.0

The Relcap has resistance at 1376-79 level above that it will rally to 1400 range. The Relcap opened at 1380 and the high touched at 1418.70. In my previous posts I mentioned …. (…The Relcap is struggling to cross the resistance at 1420-40 range which may live for some more time. It is good above 1380 level but weak below 1349 level).


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.