The crucial band……?

The counting begins this week itself even the last leg of voting is in progress. The markets will see the gyrations widely as the days running close the counting and announcement of the results. The positive news from the overseas markets could only prop up our markets but the challenge ahead of the week will be the big event of “forming the power centre with number portability” form political parties of smaller size. Now small is beautiful here for…?

The Asian market is mixed but the US performed well above 2% gains. The SGX Nifty suggesting a positive opening of 1% gains to our markets. The Nifty is close to the crucial point at 3650-60 level. The NIFTY is unlikely to hold above the 3680 level.

The Nifty is facing resistance at 3654-58 level and the support can be expected at 3571-73 and at 3541-39 level for this day.
The RIL is in the previous suggested levels. The SBI results are good despite a lower growth in the NIM but the concern for Bhat is to manage the unprecedented growth in the deposits as the Pvt. Sector bank failures in the west prompted the depositors to choose the PSU mammoth.
The SBI is good above 1375 and weak below 1347. The support exists at 1256-58 level but today it is likely to stay above 1296 level and may cross and close above the 1350 mark. In case it stays above 1350 the scrip has the potential to cross 1475 and then 1507.
The ICICI is likely to get support from SBI mood to cross the 536 mark but face resistance at 544 level.
The Relcap is good above 594 and weak below 573.
The Tata steel corus impact can be seen today. The inventory loss due to order cancellation by the consortium and the revival of the unit, fate of the employees will impact. Technically the scrip is Bull grip but the sudden developments impose pressure on the up move. So the counter may face resistance at 288 and the support is at 209-11 level once the 264 support is broken decisively.
The Govt. plans to ask ONGC to fill the loss of the OMCs may pressure this counter though the crude is ruling high above 58 dollars per barrel. So ONGC unlikely to stay above 900 mark due to this developments, even it stays not good to buy, but has good bottom support at 845-48 level and a series of reasonable supports.
The HUL bogged down by the private labels and more in future may place the stock at 202 and 194 level in future.