The Reliance of Mukesh Ambani has created history by pumping oil as India’s first private sector deep sea crude oil exploration from D-6 block at KG basin with a rate of 5,500 barrels per day. Reliance is selling the oil from D6 to HPCL's refinery at Visakhapatnam on spot basis. Where as his younger brother’s most valued RCOM lost market capitalization and its 10th position was given to LT in the list of top most valued companies by market cap.
The markets of Asia are trading in narrow band to take a side, so is our Nifty. The SGX Nifty is trading at 4335 level with a plus of 30 odd points. The Nifty has the initial resistance at 4339-45 level and the support existing at 4148-51 level as first support and the best can be expected at 4119-16 level.
The RIL news can save the day from a steep collapse; the RIL has support at 2015 and at 2000 level, the resistance can be expected at 2125-20 level and a move beyond will confirm the initial up trend. The ICICI bank is strong so long it trades above 609-07 level. The reality sector may face selling pressure as the fears looming large due these financial crisis.
Never Forget: I may be wrong, You may be wrong but markets always RIGHT.
Monday, September 22, 2008
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