Waning strengh ….

The Nifty is good above 5265 but facing serious resistance at 5370-65 level, despite of repeated attempts by the Bulls to gain strength but became futile efforts. The positive side of the market is that the bull are in controle of the situation but waning as days pass by. The market is revolving arround the 5260-65 level for the last 25 trading sessions with arange of 5160-5360 but the trading volumes increased considerbly is a caution.
The earlier suggested levels are met and now the retacing is happening be it DLF, Bharti, Ster, Tata steel, Reliance and ICICI. The upward movement is still exists in Tata motors, Axis Bank, SBI, Bank of Baroda, Bank India and other PSU banks. The state owned ONGC is now calling for major policy decisions that can trigger a rally above 1071-75 level, possible likely when the next spel of upward journey of Nifty begins. The bears took decent controle over the cement major ACC and Indiacements.
Relcap is creating a bottom support at 730 level but the high capped at 748, aither a break out can offer decent profits. Infosys high resistance is at 2751-55 level and lower support pegged at 2715 level but the buying oportunity is emerging at 2658-65 level for this month F&O. The Reliance is having support at 1050 is likely to be challenged but the immediate support is at 1021-24 level for decent gains. The inflation rate hike dilemma is hurting DLF and HDIL to paricipate in the rise where as the Bharti is down on expectation of poor numbers. The IT majors like TCS and Wipro lkely to get support below 2-3%of their recent lows. The M&M,Ster are classic examples of bounce back. The Sesa goa impact on bad news may get support at 410-415 range to get a bounce to touch 455-61 level.