The markets across the globe are taking a breather in the Bull run initiated 4-weeks back. The Indian markets displayed the much required strength against the bad times when US falling to touch its 25 year lows and participated in the bounce back. Now the real testing time to our markets whether we could de-couple and rise or not?.
The SGXNifty suggests that the Nifty could see a cut of nearly 90 points in the opening. The Asian markets were down and Yester day holiday saved our cut but today Bears exert more pressure on the Bulls to hold the ground above 3150 level. The early morning support may come at 3130 level but the Nifty has support at 3080.
The RIL has the initial support at 1617-23 level and may touch 1594-91 level to bounce sharply above the first support level.
The HDFC the star performer may loose some strength but it is in the Bull grip so long it trades above 1609-1620 has the potential to touch 1945-60 level.
The much roller coaster rider with great swings either side happened on Monday in Rel Infra may yield to selling pressure; get support at 676-73 level and at 666 level. The scrip will rally to 669 level once it trades above 593 after this correction which may trap the bears by touching 532-526 level.
The best out-performers of the recent rally- LT has good support at 720-16 level and get very good support at 701-03 level, the RCOM will get support at 186-188 level, the Bharti is in Bull grip sol long it trade above 617-21 level.
The metal may correct sharply. The Sail likely to touch 93 level, The Tata steel may touch 206-09 level and the Sterlite may touch 345-43 level.
The correction will check the journey when the SBI reaches 1025-35 range, Relcap touches 369-73 range and the ICICI touches 329-324 range.
Wednesday, April 08, 2009
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