The bears are making nightmares to bulls across the globe triggering one exchange to other as the deeper cuts in the valuations diminishing the hopes of revival. The fall is so deep that the bounce is expected on the normal front. The Bears are so strong at this juncture to dictate the technical’s to favour them.
The Nifty is well below the bouncing level, to avoid further damage, Nifty has to bounce with local DII support. The FIIs are withdrawing more than 1500 crs each day and from 10th May the out flow was close to 700 crores for our markets. The Nifty has to cross and close above 4865 level to give breather to Bulls to make some fight, though looks a loosing battle. Now The Nifty is trading at the Sep-09 levels that came from a high of 5400 level a month ago. The fall is hard to digest but offering good blue chips at through away prices. Any way which side are you?.
The Nifty is not favouring Bulls even to give hopes unless it trades above 4925 level for now. The RIL has to stay above 1001-04 level and the Infosys has to trade above 2569 level. The SBI, most favoured in the PSU lot has to trade above 2187-93 level. The bear hug counters like Sesa Goa, ster, Hindalco, Sail and Tata steel are good for bottom fishing as they lost more than 15-20%.
The TataMotors may bounce with vengeance when it trades above 695 levels. The banking lot may again Bulls support once the markets back in to positive territory above 4945. The bargain hunting and accumulation is possible in telecos and the Reality infra may get support at lower levels from these levels.
Wednesday, May 26, 2010
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