Valuable hold above….

As expected the markets are above the important support levels despite the global slump. The Nifty crossed the major resistance of the first upward move and it could hold above that level as suggested in my earlier postings.
The Nifty has support at 2750 and for today it has support at 2861-63 level. The volatility is visible in stocks but the Nifty reduced to a band.

The move came from the weakest is the cause of worry- the Reliance and the RPL taking baton from the Reality pack that emerged star performer due to the package support and interest rate cuts. The RIL is good so long it trades above 1281-76 level both for the stock and for the Nifty. The Nifty may face resistance at 2991-96 level.

The DLF may yield to selling pressure below 278 level, the RELinfra weak below 659-61 level, Relcap is weak below 540 for this day. The banking giant SBI weak below 1220 level and the up move can be expected after it touches 1134 and holds above 1158-61 level. The ICICI bank upper side move resumes once it touches 371-73 level and trades above 406-8.