Caution or Chance....?

Yester day trade gained strength from the bottom is amazing despite of the weak signals from the political front in the country and also the overseas markets. The kind of buying emerging when the market falls provides an impression that the markets are likely to touch 4000 in near future if it closes and trades above 3622 with a condition that the markets shall not touch a low of 3440 level in near future due to uncertainty emerges after the results.

To day markets are in green and the SGX is suggesting a possible positive opening at 3630-40 level. The Nifty is good above 3624 level and weak below 3580 level for today. The Nifty may face series of resistance till it consolidates above the resistance at 36654-58 level.

The Reliance is still in Bull grip so long it trades above 1850-40 level, any move above is considered as consolidation process. The scrip may today see a correction in case it fails to trade above 1940 level.
The story of ONGC is different to script as it was forced to accept the transport costs of Cairn fields in Rajastan and the losses of OMC’s placing pressure to cross the 900 mark but it is likely to face serious resistance at 868-864.
The Rel infra has made a decent up move by crossing the resistance at 803-06 level, now the crucial point stands at 796-93 level.
The ICICI Bank despite of the up move it made long with other counters but failed to cross the resistance at 339-41 level. The ADR gained 6% shall reflect in today’s trade to cross the resistance at 661-59 level came two days back but will the poll results place the hurdle?
The Axis bank which continued to attract buying support on all declines failed to do so is sending a feeler on the market condition. In case it catches up on with the rest today then there is nothing serious otherwise…?. The bottom support was at 610-06 level and the scrip shall cross the immediate resistance at 653-55 level.
The Relcap is finding difficult to trade above 575 level but found support at 540 level. The counter is facing resistance between 575-590 level.
The come back of the reality sector is heartening for investors who lost the most in the recent fall but a long way to go to cover the distance.
The DLF as suggested in my earlier postings got support at 220 level and continued to enjoy the support as bottom boundary for 21 series of trading sessions except that 190.55 touched in the stake sale on 13th May.

Market PULSE check by Stock-O-Meter: The Following scrips covered in my previous
posting: The high, low, closings of 14-05-09:
Nifty 3631.90 3537.60 3593.45
ICICIBANK 540.00 519.00 536.25
RIL 1927.50 1880.20 1908.95
REL infra 818.40 765.30 809.60
Relcap 574.80 541.20 568.80
I may be right or wrong, You may like it or not but “No argument with the ticker-NEVER”