The yearly high of Nifty was at 5167.40 and the low was at 2252.75 and now today Nifty closed at 3654.0. So the non stop rise from March 6th covered a distance of 1401 points. So technically the markets are at cross roads irrespective of their Bullishness or Bearish market short covering. The rise points to low are at 0.622 and the yearly high to closing was at 1513 and the ratio stands at 0.293. The SENSEX is also displaying the same trend, the SENSEX yearly high was at 17,735.70 and the low was at 7697.3 and today the SENSEX closed at 12,134.75. The rise from low works at 4437 and the distance it has to travel 5600 points to cross the yearly high.
The markets have not yet received the ONGC and steel sector results which may disappoint. The rally is getting threat from the terrorist mails.
The SEBI is working closely to find out the insider trading in RPL by Reliance may curb the inner momentum strength as the new flow started for the Bears now.
Monday, May 04, 2009
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