The results of the exit polls, predicting a neck to neck fight for the power between the two with third option not ruled out put selling pressure in the late evening with basket sell-off in Indian equities. The US markets also sold off last night made the Asian markets to open lower. The Nifty is likely to open below or at the verge of support at 3570 level and the opening trades shall not force it trade below 3540 level which attracts more selling.
The Nifty now has resistance at 3581-88 level and weak further below 3540 level will get support at 3492 level with minor support at 3514 level.
The RIL has resistance at 1938-42 level has support at 1869 level and the second is below crucial 1850-40 level to travel further down.
The ICICI was weak below 539-41 level likely to test 490 level in this fall but for today it will again test 520 level and 511 level.
The other stocks are in the earlier suggested levels. The India Bulls Reality will fall with a high side cap at 146 to touch a level of 133 and at 129.0 but the HDIL is in strong bull hands so long it trades above 162-64 level.
Market PULSE check by Stock-O-Meter: The Following scrips covered in my yesterday posting: The high, low, closings of 13-05-09:
Nifty 3709.60 3610.20 3635.25
ICICIBANK 574.70 541.60 551.15
RIL 1975 1906.0 1933.
REL infra 825 773.60 798.0
Relcap 592.4 556.55 571.90
I may be right or wrong, You may like it or not but “No argument with the ticker-NEVER”
Thursday, May 14, 2009
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