The markets were spared at the bottom as the stocks still holding above the earlier lows when it registered two days back. The special treatment of leveling the levels of SBI to day happened but the stock is still in bulls grip. The FMCG stocks are the ones stood against the bear hammering.
The early statement of markets bottomed out can be confirmed incase our Nifty crosses the immediate resistance at 3255-50 level and the low shall be above 3181 is good, even 3145 is also OK. The Reliance and the other majors like LT, BHEL, HDFC and the tech majors are exhibiting a better bottom for now. So tomorrow a rally of 100 points at Nifty can through the much required relief at the earliest.
The redemption pressure is mounting as day’s passes and the negative news adding fuel to fire. So wait and watch till the worst crystallizes as a solid foundation to the markets at the bottom before jumping for grabbing the mouth watering prices of the blue chips.
Wednesday, October 22, 2008
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment