The Nifty has taken severe Bear beating due to weak global cues and the down turn in the Asian markets. The belied expectations of the markets pushed hard to un-wind the long positions built over the fortnight. This could be the major reason for the Nifty heavy weights opened below yesterday lows.
The news flow is also no good to help the Bulls to hang on their positions. The Europe melts down by 3%and the US is bleeding. In case the US fails to recover at least 2% from the bottom then our markets likely to crumble on its weight.
Market PULSE check by Stock-O-Meter:
As posted in the morning, the Nifty took support at 2757 and the high registered at 2855 (2857-62high and low at 2750)
The Reliance took support at took support at 1258.20 and the high touched at 1307. The ONGC high 689.4and the low touched at Rs 670.0.The ICICI bank though touched high at 438.8 but it did not cross 405 at any point but touched a low at 380.20. The RelInfra has got support at 507.65 touched a high at 528.8
Tuesday, February 17, 2009
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