the correction for consolidation...?

The heated markets over the week could end with tepid note with llow volumes. The stellar performance from the metal space took a beating due to profit booking from the retail investors. The Nifty has still above the support levels despite of this 64 points fall.
The shipping companies and plantation companies are in the lime light where as the software companies felt the heat.

Market PULSE check by Stock-O-Meter:

Nifty 3711.25 3582.85 3620.70
ICICIBANK 550.9 515.15 520.75
RIL 1932 1875 1900.30
REL infra 817 756.35 768.65
DLF 525 235.65 240.65
T.Steel 302.85 280.15 282.40
SAIL 129.80 121.80 125
JP ASSOCIAT 144.35 134 142.10
I may be right or wrong, You may like it or not but “No argument with the ticker-NEVER”

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.

The FIIs pour dollars………..

The Obama administration has single point agenda to change the rules of the game to favour Protectionism from free trade. The US was reduced in its thinking to save their lots from competition. The world was rally has reached a stage from where the stock returns can be in a range. The markets in India have continued to rally at the Index level now spread to Mid & small caps. The today fall is more a correction at the large cap level than a down turn. The fall from higher level very much confined to the big ticker names be it DLF, ICICI, Relcap, HDFC, Kotak, JP associates, Tata steel, IVRCL, Indian Bank, IDFC, IDBI and other like sugar stocks.
The phenomenal rise witnessed in the mid caps like Havells ( 36%), Tulip (25%), KesoramInd and other smaller power companies. The Tata Power and R power showed their resilience to meet the on slaughter.
The Monday rise was tepid interms of volumes but the percentage of rise is good. A critical study shows that the Monday rise did not help at least 70 companies to close above the closings made on 20th April when the Nifty closed at 3371. The most under performer is the ROLTA, SKUMAR, Gitanjali gems, Bank of India, ABB, Aban and many more. On the other hand the best out performers are Mind tree, Wipro, ICICI bank, TVS motors, Pantloon and others continued rise more than 25%
The Nifty rose more than 8% from the comparison date 20th April 09. The Bank Nifty rose 9% and CNXIT rose by 15%. The heavy weight like Infosy rose by nearly 13% where as Reliance rose by 10%, Rel Infra rose by 15% and Grasim by 13%. The prominent name that are under performing are ESSAROIL,IOB,ZEEL,INDIANB,ROLTA,BOSCHLTD,BPCL,THERMAX,MARUTI
MCDOWELL-N,BANKINDIA,DIVISLAB,ASIANPAINT,ABB,ABAN,EDUCOMP,

The BEST OUT PERFORMERS BY PERCENTAGE:

HAVELLS 39.611
MINDTREE 36.212
BAJAJHIND 34.762
WIPRO 31.692
LICHSGFIN 31.397
TULIP 31.357
PENINAND 30.612
KESORAMIND 28.037
PANTALOONR 27.615
TVSMOTOR 27.103
ICICIBANK 26.583
HDIL 25.589
SUZLON 24.596
IDFC 21.862
VOLTAS 20.668

The shoot out strength………

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.