The best to cross…..

The Friday rally in US markets shall trigger rally in our markets as well. The Asian markets are also taking cues from the US trading in green with 1-2% gains. The opening can be in green but the afternoon holding on higher levels will determine the upward movement of the Nifty.
The Nifty has shown its first signs of revival to move upwards were shown in the last Friday on 30th Jan but failed to hold on the gains to gain momentum due to tiredness in buying interest as no global cues supported. The Nifty made a high of 2881 on 30th Jan either crossed or the closing was made below the low of 2750 level. The whole week was maintained between these 150 points.
Now once again the Nifty made a reattempt to close above 2835 level. The strengths were drawn from the heavy weights like RIL, ONGC, NTPC, HUL and Infosys along with renewed buying interest in metal pack and the bottom support to IT and Banking sector pushed the Nifty upward.
The bullishness in the RIL came to a resistance level unless it closes above 1375 level. The banking sector build decent bottom building can trigger a rally of 10-15% from the current levels. The ADRs rally though gives some relief to techs but the US policies dampen the interest in these counters.
The Nifty has the potential to touch 2930 level has bottom support at 2780 level and is good for Bull so long it trades above 2813-15 level. The RIL can cross 1375 has bottom support and good above 1321 level. The ICICI can touch 418 level and good above 406. The Infosys has resistance at 1315-20 region and support at 1236-42 regions. The metals especially the ferrous sector has bright future as the infrastructure spending especially in sea ports and airports will get further boost.