The regular readers might have appreciated the ‘call’ and enjoyed Nifty touching 6300(F&O), cash touched 6284 level on 14th of this month. The markets are now in consolidation phase as they are evaluating the Winner and looser in the resent published Sep-10 results. Those who studied markets regularly ratify the fact that the quality of appreciation market offers to out-performers in the market. Now the results and the future course of journey of economy favours a few.
The Reliance results are good and above street expectations. The markets likely to support the scrip to touch 1180-1220 level with out much resistance. The bottom supports are at 1053-56 and good support and buying opportunity at 1036-39 level.
The Obama Visit to India can hold the market above 5950 level but may not offer a free rally in advance either. The Power sector investments are huge and the capital goods industry is assured electrified though the China competition is not ruled out as it happened in Telecom sector. The Nifty has traversed the journey with a bang from 5400 level to 6300 level. The global markets are not supporting the exuberance as the investors left-out are not fully convinced to jump in to grab the growth story of India. But the apathy is not carrying a high degree of indifference so is the consolidation.
The Nifty has breached the so called 5950-60 support may test 5800-5760 level before it assume the next jump. The word of caution is that the positive results of ICICI and Reliance may trigger Nifty to cross 6200 in the near term.
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