The RED spreads….

The results of TCS are good and the 1:1 bonus is not going to cheer the street as the steep sell off in the US and the Asian markets with a cut more than 3%.

The best days of AXIS banks are yet to come but the Naik resignation will have a deep cut despite the good numbers. The technology major Infosys will starts its southward journey from here to touch 1269-71 level and the bounce is expected for 1211-16.

The suggested levels in my previous posts valid and the bounce bank will happen from such levels. The Nifty will face tough resistance at 3411 level for the time being. The immediate support for today is at 3313-16 and the second support from where a serious bounce expected is at 3265-71 level. This will become a serious cut once it falls below 3250 level.
The Reliance see a deep cut below 1718-21 level and the support for this day at 1665 and at 1654-51 level.
The positive side of yesterday move of REL Infra may find support at 659-61 level and at 649-51 level, below this level serious.
The Relcap is weak below 536 and likely to go below 500 to rest at 496-93 level. The ICICI is also weak below 441-39 level and likely to touch 411 and at 403 the supports are existing but the scrip will dip below 400 and bounce is expected from 381-78 level.