Spectacular grip……

The Bulls hold the spectacular grip over the markets and saved the day with de-coupling with the rest of the world. The journey calculators went on counting the points added from the low to the highest but the markets interested to make a new high each time and every time for the last one month.

The correction happened only one day and the rest is internal and intraday. The side lined waiting money woke-up and starts chasing the stocks for now as if we are in a run-up Bull market. The RIIL has again made a 40% gain and the sugar stocks rallied by 15-20%.

The SGX Nifty suggests that the Asian markets are in green with Hang Sang by 1.35% and the Nikkei up by 1.8% and we are likely to open above 3400 with 50-60 points gap up. As suggested in my earlier the Nifty will take a breather here (………The Nifty could be expected to touch 3381-4408 in coming days as the momentum is well in place. The fag end of the run will be fast and surprising.)

The Nifty has good support at 3050 level and very good support at 2960-50 level. The markets rallied enough to cross the hurdles at 3135 and 3280 level. So the fall will become weak and bearish only when Nifty trades below 3000 level. The corrections will be stock specific and the overall markets are in higher orbit.

The Nifty has resistance at 3423 level and the support at 3311-09 and at 3273-71 level.
The Reliance rallied yesterday beyond expectation 1763 and the selling may come at 1787 level. The bottom support will come for today at 1706 and at 1695-91 level. The counter will become weak below 1693 level.

The bear hug counters like BHEL will become very weak below 1495 and it will get short covering if at all only above 1540 level. The other weak counter is Bharti will become weak below 620 level is facing resistance at 670 level. India bulls realest may see some selling pressure above 137-39 level and Rolta will face resistance to cross Rs75-77.

The counters like ICICI which went up on low activity may run up to 393 and to 403-06 level so long it trades above 373 level. It will become weak below 368 level.
The Rel Infra is good above 616 to touch 660 level but will become weak below 603 level. In case the stock shall not trades below 593 will see selling pressure from short sellers and the bull un-winding will accelerate for every 5 rupee fall.