NIFTY RESISTANCE AT 6268..!!

The markets have taken a serious bounce from 5950-30 levels despite of the weak economic situations and unstable political scenarios. The rise was so slow that the acquisition of more shares happened at each level.The only hope of building positions at this juncture is NaMo and anticipating big win for BJP and RBI steps to stimulate growth. The poll propaganda by vested interest media may trigger some more uncertainty but the general mood is favoring BJP.

The fall may not be severe as the bottom support at 6130 and 6086 level is good for the Bull to acquire more positions in anticipation of Good Things and Good Times. The Reliance will have some short covering rally upto 840-36 level for sure before it resume any serious move. The LIC housing finance will see a break out above 221-23 levels and an assured banking license winner despite of competition. In my view LT will also gain the advantage and Relcapital may have a chance.

The BankNifty is in BULLs grip so long it trades above 10330 level ut the resistance at 10750 level has to be crossed for a decent up move. The Axisbank will get the early Bird advantage and can be acquired around 1180-60 levels. The ICICI may find support at 995-986 levels but SBI may sure become a surprise winner and likely to touch 1780-60 levels. The automobile space got the excise duty relief may hold he gains till next quarter. The IT space is building positions not for big rise but for Fall. The McDowell will come down to 1850-1930 level with ease. The pharma space is still left with enough potential for a 25-30% rise from the current levels.

But for now the top is forming around 6268-86 levels at Nifty cash level may dent the prospects of any surprise up move beyond 6326 as the positive triggers are waning and the negative situations of uncertainty is unfolding. The “Fear of Falling” from the HIGH of Euro and US markets holding our gains added to the woes of China economic slow down but our markets will relatively do well in future as the situations are improving and the “Better days a head...” will become a common statement..!!!