Metallic rise….

The markets rose on stellar performance from the metal space. The stocks rallied between 7 – 15% despite the steep valuation and losses of previous quarters but on the hope of demand and price correction upwards and support from anti dumping duty from GOI.

The FIIs continued to support the markets even at higher valuations. The markets are hovering around 3655 level +_ 35 points. The Nifty is weak below the crucial level suggested to get support at 3571 and lower at 3560 level.

The RIL is strong above 1880 level and weak below 1860 level to touch the 1790-60 level or even lower. The SBI is in a band of 1320-1375 level a head of results scheduled for tomorrow. The ICIC is weak below 549-51 level to touch the 503-496 level. Today it may get support at 523 and at lower levels at 518-16 level.
The Rel infra for the last 5 trading sessions in the bull grip facing resistance at 820-25 level will become weak below 803 to touch the support at 778-73 level.
The DLF engulfed in IT suit weak below 244 to touch 233-31 level and become very weak below 226 level. The JP is correcting lower levels may touch 126 level in future has very good support at 118-114 level from where the Bulls support is assured.

The heated metal may take some time to settle but the Tata steel likely to touch 336-341 level in future.