The easing inflation fattened the Nifty with support drawing from Russia’s Putin tour to India. The NTPC effort to meet the power demand is Reliance gain, So today RIL shall cross the resistance stated yesterday and then may fall to bears but that didn’t deter the bulls to holdon. Now the Nifty is in positive teritory and bulls have 60points advantage.
The much stated visit shall provide answers to the heavy weight laggard to rise to a respectable level to touch 1015+. The US markets are offering negative cuse but we made a decent advance to stay above 5092 level. But the bulls as stated earlier may yield to bear pressure as it looks on the charts. The metal sector especially the ferrous now at cross roads will find its way for next major move. As such there was no major deviation from the yesterdays levels but the DLF and HDIL are looking South, may loose 3-5% if DLF fails to trade above 316 and HDIL above 314.
The IT majors may find few takers than the offerings due to the sustained rally from the budget it gained. So the Wipro will be weak below 700 and TCS below 765 levels.
The markets likely to get pressure from RIL if it fails to trade above 1026 level and the makets fails to trade above 5123-26 level, then the metals and reality bite the dust and the banks bull unwindening will trigger sharper correction than anticipated. If the markets gets good support at the current closing level the DLF, HDIL,Tatasteel and sesa goa will catchup along with RIL and ONGC. The TataMotors, stake sale by Daimler effect can be traced once the stock trades below 765 and it will pull down the MM and other automajors.
Friday, March 12, 2010
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