The going is good???..How far….????

The markets in the last 25 trading sessions are in between 5350-5550 level, as a matter of fact traded mostly in between 5400-5500 levels.
The beauty of these record highs was with out the participation of Reliance. This stock dragged from a high of 1180 to 915 level during this period. The beauty part of the rally with crossing the higher hurdles is with the major support from PSU stocks be it in banking or it in Oil &Gas.
There was a change in the holding structure of Reliance by Mukesh but it was not highlighted by the Media not even a discussion was taken place in the business channels but the market gave its verdict. I have a personal opinion that the retailer investors were not sufficiently informed.
The Nifty is likely to touch a new high again in the coming session but vey unlikely to maintain the streak. This time the Nifty fall points get triggered once it trades below 5440 instead of the earlier 5370-80 level.

The Birlas increased their stake in Hindalco by two percent in the last two months. The highest (in NSE) volumes made at 4cr odd on June-9th,at 130/- level and the lowest recorded at 30 lakhs at Rs 165-167 level on Aug-9th. Now the ruling price is at Rs170/-

The fall with support?????

People close to me know the recent levels as explicitly mentioned that the market will take a breathe only after it touches 5550 and likely to touch 5280 without loosing the momentum.

NowBUSINESS-STANDARD COVERED as..Daily charts show support at 17,940
Rex Cano / Mumbai August 29, 2010, 0:58 IST


The markets witnessed some profit-taking after scaling to fresh 30-month highs. The Sensex touched a high of 18,454, and then slipped to a low of 17,944. The index finally settled with a loss of 403 points at 17,998.

Among index stocks, Jaiprakash Associates slumped over nine per cent to Rs 112. Reliance Infrastructure, Hindalco and DLF tumbled around eight per cent each. Hero Honda, Sterlite, Tata Power, HDFC Bank, Reliance, Wipro and ICICI Bank were the other major losers. On the other hand, ONGC surged nearly five per cent to Rs 1,318. Bharti Airtel and NTPC were the other notable gainers.

Going forward, the index has near support at 17,940 on the daily charts, while weekly charts indicate support around 17,560. On the higher side, the index is likely to face resistance around 18,200.

The Nifty moved in a range of 158 points — from a high of 5,550, the index dropped to a low of 5,392, and finally settled with a loss of 122 points at 5,409.

The support for the Nifty on the daily charts is at 5,380, while resistance is around 5,460. On weekly charts, the index may seek support around 5,270 (which is the short-term moving average) and below which the index may dip to 5,135.
If the index breaks below 5,380, the probability of it dropping to lower levels, viz 5,270 and 5,135, remains high in the coming trading sessions.