Whether we like it or not we have to accept the movement of the numbers in the stock prices. The recent developments have some positive impact on the liquidity front may give support to the bulls to absorb the selling pressure. The RBI rate came when the inflation is tapering south but the more concern is on the IIP numbers representing a torrid industrial growth.
We are now at the midst of the pullback rally that can easily take us to 3100-3150 level. As mentioned on Friday, the Index swings were violent due to ONGC, Bharti and RCOM results effect and RIL participated.
Now RIL has come out with 40% rise from the lows at 930 levels to 1395 levels. But this time the banks bellwether SBI waiting for some good news to participate. The up move can be expected only when it trades above 1330-1350 level. The ONGC may find resistance at 708-10 level and may settle below 625-640 level for some tome unless the crude surges above 85 dollars per barrel immediately. The NIFTY has resistance first at 2998-95 level and again at 3031-25 level and good above 2800-2796 level but the lower level support expected at 2751-39 level.
Sunday, November 02, 2008
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