The market roll over for may series is low due to the domestic events and due to the negative global news flows. The series may end with volatility but the markets may see some bounce back in the early trade as suggested by the SGX Nifty index.
The markets are at the verge of support as the major index heavy weights are trading below or just above the support levels in RIL, ONGC, Bharti, NTPC, ITC and HUL. On the positive side the LT, Infosys, Wipro, SBI, ICICI and HDFC bank are in Bull grip.
The Nifty as suggested in my earlier postings took support at 3350 level and this will gain strength when it trades above 3420 level. The intermediate range between 3280 and 3420 level is a consolidation range.
The earlier suggested levels hold good for RIL and ICICI. The Relcap and RelInfra lost much ground as expected and suggested. Now rel cap will be under bear pressure but can bounce to 525 level. It is very weak below 513-15 level. The Rel infra can also see a bounce back up to 693 level as suggested earlier.
The ONGC is weak below 829 and gains strength above 866-69 level. The Bharti is good above 735 can go upto 790 leve when it trades above 756-59 mild resistance level. It will become weak when the results disappoints the street may well go below support level at 686-88 level.
The LT is in Bull grip good above 896-902 level may touch 938 and 947 levels. The Sail is good still it is above 106 but likely to touch 90-93 level once it breaches due to the negative sector news. But today it will hold above 100-102 level.
Wednesday, April 29, 2009
Tuesday, April 28, 2009
SWINE FLU CATCH......
The markets could have little support to hold above the 3450 level due to global melt down and due to the Expiry on Wednesday. The Infras felt the heat and the banking bowed to the bear pressure.
Market PULSE check by Stock-O-Meter:
The Following scrips covered in my previous posting:
The high, low, closings of 28-04-08:
Nifty 3471.95 3351.50 3362.35
ICICIBANK 470 433.05 439.05
RIL 1792 1731 1737.15
REL infra 723.90 654 661.55
Rel Cap 544.70 487.75 492.80
T.steel 257.4 232 234.35
SAIL 113.40 106.50 107.60
BHARTI 749.9 713 724.35
The high, low, closings of 27-04-08(Yesterday):
Nifty 3517.25 3435.30 3470.
ICICIBANK 477.95 411.10 467.55
RIL 1807 1761 1785.55
REL infra 1751.50 701.35 1710.85
Rel Cap 568 526.30 532.05
T.Steel 268.50 251.05 253.75
SAIL 115.70 110.10 111.90
BHARTI 756.40 730.20 743.65
I may be right or wrong-“No argument with the ticker-NEVER”
Market PULSE check by Stock-O-Meter:
The Following scrips covered in my previous posting:
The high, low, closings of 28-04-08:
Nifty 3471.95 3351.50 3362.35
ICICIBANK 470 433.05 439.05
RIL 1792 1731 1737.15
REL infra 723.90 654 661.55
Rel Cap 544.70 487.75 492.80
T.steel 257.4 232 234.35
SAIL 113.40 106.50 107.60
BHARTI 749.9 713 724.35
The high, low, closings of 27-04-08(Yesterday):
Nifty 3517.25 3435.30 3470.
ICICIBANK 477.95 411.10 467.55
RIL 1807 1761 1785.55
REL infra 1751.50 701.35 1710.85
Rel Cap 568 526.30 532.05
T.Steel 268.50 251.05 253.75
SAIL 115.70 110.10 111.90
BHARTI 756.40 730.20 743.65
I may be right or wrong-“No argument with the ticker-NEVER”
Monday, April 27, 2009
STRESSED…..
The order of the day now opening with stressed accounts and the amount related will hit the head lines as the markets are likely to witness the results and reveals from the Indian banking sector. The aggressive private sector bank ICICi has announced its numbers far below than the street expectations. The NII and the NIM are both are positive but the provisions are huge that resulting a drop of more than 35% in net profits. The stock which faced resistance at 439 level may become weak below 430, the bears run as the stock falls below 415…, 403….and the earlier supports at 495-90 may not hold as the support is expected first at 378-81 level and at 357-53 level. The stock is technically in Bulls grip. The Bulls lighten their positions in the counter when it trades below 321 level and the Bears take advantage below 315 levels.
The Asian markets are mixed and the SGX nifty suggests 40 points loss with negative bias. The Nifty is in Bull grip so long it trades above 4221-23 level, major support is at 4361-63 level but the resistance is expected at 3509-3524 level. The markets may get support at 3350 level as the upward momentum was in place. As the markets has risen in the last two trading sessions, the fall in prices still keel them in bulls grip.
The RIL could cross the immediate resistance at 1735-39 level and touched a high of 1802. Today it may face resistance at 1809-11 but gains upward momentum above 1821 level. The stock will become weak only it trades below 1693 level.
The Rel infra will face resistance at 1751-54 level and the support is expected at 684-86 level. The stock is in Bull grip above 719-21 level.
The Relcap has potential to go to 579-81 level so long it trades above 542-39 level. The stock will get support at 523 level.
The T.steel has recovered from a low of 240 level to 270 level may see some correction so is the other metals. The Sail will get Bulls support above 116.50.
The Bharti is good above 726 level but may face resistance at 767-71 level. The RCOM is good above 226 level but the support at 218-19 level and will become weak below 215 level.
The SWINE FLU is threatening to kill more as it spreads but the medicines are available.
The crucial results to be announced on Monday are from Aban, Bank Baroda, Indian bank, Oriental bank, United spirits, Tech Mahindra castrol, Areva, Bartronics, Exide Ind, and Vimta labs.
The Asian markets are mixed and the SGX nifty suggests 40 points loss with negative bias. The Nifty is in Bull grip so long it trades above 4221-23 level, major support is at 4361-63 level but the resistance is expected at 3509-3524 level. The markets may get support at 3350 level as the upward momentum was in place. As the markets has risen in the last two trading sessions, the fall in prices still keel them in bulls grip.
The RIL could cross the immediate resistance at 1735-39 level and touched a high of 1802. Today it may face resistance at 1809-11 but gains upward momentum above 1821 level. The stock will become weak only it trades below 1693 level.
The Rel infra will face resistance at 1751-54 level and the support is expected at 684-86 level. The stock is in Bull grip above 719-21 level.
The Relcap has potential to go to 579-81 level so long it trades above 542-39 level. The stock will get support at 523 level.
The T.steel has recovered from a low of 240 level to 270 level may see some correction so is the other metals. The Sail will get Bulls support above 116.50.
The Bharti is good above 726 level but may face resistance at 767-71 level. The RCOM is good above 226 level but the support at 218-19 level and will become weak below 215 level.
The SWINE FLU is threatening to kill more as it spreads but the medicines are available.
The crucial results to be announced on Monday are from Aban, Bank Baroda, Indian bank, Oriental bank, United spirits, Tech Mahindra castrol, Areva, Bartronics, Exide Ind, and Vimta labs.
Saturday, April 25, 2009
“Conspiracy”
“Conspiracy”-be it on Anil or by Saimira. The ADAG group alleges that the ill-eyed, dark hearted people jealous of the group’s progress plans to kill him. The Citi sleeps are not but the CEO Pandit lost his sleep on the plans of removal from the top post. The SEBI came out with a stringent action against the peopled involved in price manupulation by forged letters of open offer by the promoters, broker and the media persons involved in Saimira episode.
The govt. expects 40 billion dollar FDI and the growth rate above 7-8% will be visible in the second half. The Results of Cipla are good to digest where the Ranbaxy swallowed a bitter pill and hard to digest as the losses are mounting quarter on quarter. The surprise was the decline in profits of Maruti and it expects the future is not rosy.
The Major results today are from ICICI bank, Balrampur chinni, Triveni engg, Petronet Lng and other smaller companies. The Sunday poised for software company results- Mind tree, Nucleus soft and R-system to announce their results.
The govt. expects 40 billion dollar FDI and the growth rate above 7-8% will be visible in the second half. The Results of Cipla are good to digest where the Ranbaxy swallowed a bitter pill and hard to digest as the losses are mounting quarter on quarter. The surprise was the decline in profits of Maruti and it expects the future is not rosy.
The Major results today are from ICICI bank, Balrampur chinni, Triveni engg, Petronet Lng and other smaller companies. The Sunday poised for software company results- Mind tree, Nucleus soft and R-system to announce their results.
Market PULSE check by Stock-O-Meter:
The Following scrips covered in my morning posting:
Nifty 3491.35 3402.90 3480.75
ICICIBANK 439.40 415.10 434.10
RIL 1802.00 1727.00 1788.85
REL infra 747.00 703.40 740.50
Rel Cap 563.00 530.35 557.65
I may be right or wrong-"No argument with the ticker- NEVER".
Friday, April 24, 2009
The crucial support…..
The markets took support to bounce back from the day’s lows to close at day’s high is a clear bullish sign. The results of RIL and other major companies results shall be discounted at current levels is debatable. The internal demand for infra structure, construction and related activities were grossly stalled for want of Govt direction and the 3-G auction and other related policy decisions were put on hold will see light after the new budget. The list can be enlarged but the fact is that they store potential for sustained growth by meeting the internal demand.
The RIL results are not good on the face of it as the other income has increased considerably to 993 cr and the purchase of traded goods has increased from 590cr to 5807cr during this year. The other income and profit from exceptional items has contributed 1363 cr nearly 25% of the profits from operations. The future out look is bright due to KG basin oil & gas may hold the price and the RPL merger may add value but the upside is definitely capped for a quarter at least. The stock has very good support at 1530 level. Any dip below this is a buying opportunity as the support at 1330 level may not breach under present conditions.
The Rel Infra results are good under these difficult times. The R Power news flow is good as many projects are in pipe line, RNRL results are good. The HDFC bank results are good but it says that the NPAs may increase due to the economic slow down is a cause of concern.
The inflation was at 0.26% when compared to the last week gave good signs of relief to the RBI as it plans to induce more money into the system to spur the demand as the estimates of growth was pegged at 6% much below the regularly suggested levels of 8%-few months later7.5%- few weeks later it was at 7% and now the latest figure.
For today the Nifty has to trade above 3381 level to continue the up trend. The street reaction on RIL results hold key. The yesterday levels are for RIL, Rel Infra. As such there no serious change in the levels as they were discussed earlier. The ICICI has to face resistance at 442-39 level but the support exists at 415 level. The Relcap may face resistance at 549-51 level.
Today BEL, CIPLA,IDBI, Ranbaxy, Maruti will announce their numbers.
The RIL results are not good on the face of it as the other income has increased considerably to 993 cr and the purchase of traded goods has increased from 590cr to 5807cr during this year. The other income and profit from exceptional items has contributed 1363 cr nearly 25% of the profits from operations. The future out look is bright due to KG basin oil & gas may hold the price and the RPL merger may add value but the upside is definitely capped for a quarter at least. The stock has very good support at 1530 level. Any dip below this is a buying opportunity as the support at 1330 level may not breach under present conditions.
The Rel Infra results are good under these difficult times. The R Power news flow is good as many projects are in pipe line, RNRL results are good. The HDFC bank results are good but it says that the NPAs may increase due to the economic slow down is a cause of concern.
The inflation was at 0.26% when compared to the last week gave good signs of relief to the RBI as it plans to induce more money into the system to spur the demand as the estimates of growth was pegged at 6% much below the regularly suggested levels of 8%-few months later7.5%- few weeks later it was at 7% and now the latest figure.
For today the Nifty has to trade above 3381 level to continue the up trend. The street reaction on RIL results hold key. The yesterday levels are for RIL, Rel Infra. As such there no serious change in the levels as they were discussed earlier. The ICICI has to face resistance at 442-39 level but the support exists at 415 level. The Relcap may face resistance at 549-51 level.
Today BEL, CIPLA,IDBI, Ranbaxy, Maruti will announce their numbers.
Market PULSE check by Stock-O-Meter: The Following scrips covered in my morning posting:
Nifty 3439.90 3310.5 3423.70
ICICIBANK 431.60 395.10 424.40
RIL 1774.90 1696 1763.70
REL infra 716.65 662.10 712.35
Rel Cap 535.60 496.05 531.80
DLF 240.7 222.40 238.05
HDIL 147.25 124.15 144.85
HDFCBANK 1100 1065.40 1092.50
T.STEEL 266.35 238.65 262.85
SAIL 116.40 106.50 115.10
I may be right or wrong-“No argument with the ticker-NEVER”
The crucial support…..
The markets took support to bounce back from the day’s lows to close at day’s high is a clear bullish sign. The results of RIL and other major companies results shall be discounted at current levels is debatable. The internal demand for infra structure, construction and related activities were grossly stalled for want of Govt direction and the 3-G auction and other related policy decisions were put on hold will see light after the new budget. The list can be enlarged but the fact is that they store potential for sustained growth by meeting the internal demand.
The RIL results are not good on the face of it as the other income has increased considerably to 993 cr and the purchase of traded goods has increased from 590cr to 5807cr during this year. The other income and profit from exceptional items has contributed 1363 cr nearly 25% of the profits from operations. The future out look is bright due to KG basin oil & gas may hold the price and the RPL merger may add value but the upside is definitely capped for a quarter at least. The stock has very good support at 1530 level. Any dip below this is a buying opportunity as the support at 1330 level may not breach under present conditions.
The Rel Infra results are good under these difficult times. The R Power news flow is good as many projects are in pipe line, RNRL results are good. The HDFC bank results are good but it says that the NPAs may increase due to the economic slow down is a cause of concern.
The inflation was at 0.26% when compared to the last week gave good signs of relief to the RBI as it plans to induce more money into the system to spur the demand as the estimates of growth was pegged at 6% much below the regularly suggested levels of 8%-few months later7.5%- few weeks later it was at 7% and now the latest figure.
For today the Nifty has to trade above 3381 level to continue the up trend. The street reaction on RIL results hold key. The yesterday levels are for RIL, Rel Infra. As such there no serious change in the levels as they were discussed earlier. The ICICI has to face resistance at 442-39 level but the support exists at 415 level. The Relcap may face resistance at 549-51 level.
The RIL results are not good on the face of it as the other income has increased considerably to 993 cr and the purchase of traded goods has increased from 590cr to 5807cr during this year. The other income and profit from exceptional items has contributed 1363 cr nearly 25% of the profits from operations. The future out look is bright due to KG basin oil & gas may hold the price and the RPL merger may add value but the upside is definitely capped for a quarter at least. The stock has very good support at 1530 level. Any dip below this is a buying opportunity as the support at 1330 level may not breach under present conditions.
The Rel Infra results are good under these difficult times. The R Power news flow is good as many projects are in pipe line, RNRL results are good. The HDFC bank results are good but it says that the NPAs may increase due to the economic slow down is a cause of concern.
The inflation was at 0.26% when compared to the last week gave good signs of relief to the RBI as it plans to induce more money into the system to spur the demand as the estimates of growth was pegged at 6% much below the regularly suggested levels of 8%-few months later7.5%- few weeks later it was at 7% and now the latest figure.
For today the Nifty has to trade above 3381 level to continue the up trend. The street reaction on RIL results hold key. The yesterday levels are for RIL, Rel Infra. As such there no serious change in the levels as they were discussed earlier. The ICICI has to face resistance at 442-39 level but the support exists at 415 level. The Relcap may face resistance at 549-51 level.
Today BEL, CIPLA,IDBI, Ranbaxy, Maruti will announce their numbers.
The Performance of yesterday :
Nifty 3439.90 3310.5 3423.70
ICICIBANK
431.60 395.10 424.40
RIL 1774.90 1696 1763.70
REL infra 716.65 662.10
712.35
Rel Cap 535.60 496.05 531.80
DLF 240.7 222.40 238.05
HDIL 147.25
124.15 144.85
HDFCBANK 1100 1065.40 1092.50
T.STEEL 266.35 238.65
262.85
SAIL 116.40 106.50 115.10
Thursday, April 23, 2009
The Big boy announces…
The India’s top market cap leader, index mover Reliance is going to announces is quarterly results. The markets are waiting for the RIL results and the Nifty may swing in tune with the scrip.
The top notable companies that are going to announce the results are RPL, RNRL, Rel infra, Rpower, HDFC bank, LIC housing, SKF, Idea Zee news and many more…
The Nifty is good above 3381 and weak below 3356 level. The RIL results influence the market trend. The Nifty become weak if it trades below 3320 level will likely to touch 3265 and next at 3229-31 level. The second support level will provide reasonable bounce from 3211-18 level to Nifty.
The RIL is good above 1735 and weak below 1715 may get support at1684 level, once it falls below 1665 will get support at 1615-30 range.
The banking major SBI and ICICI are facing Bear heat. The SBI is weak and good support is at 1180-65 level. The ICICI may get support from 376-79 level. This will gain strength only when it crosses the immediate resistance at 416-18.
The Relcap is exhibiting good support at 500 level and will gain strength above 521 level and weak below 511-13 level. It has bounced from the support at 491 level when it touched 495 low now holding above 500. In case it falls below 495 then the support at 472-467 level.
The HDFC bank is facing resistance at 1100 level and the support at 1040 level. The critical juncture is at 1085-1067 range.Please watch out for break-out in SAIL, RCOM, United Spirits.The reality sector major is getting support at 225 level and the HDIL at 124 level.
The top notable companies that are going to announce the results are RPL, RNRL, Rel infra, Rpower, HDFC bank, LIC housing, SKF, Idea Zee news and many more…
The Nifty is good above 3381 and weak below 3356 level. The RIL results influence the market trend. The Nifty become weak if it trades below 3320 level will likely to touch 3265 and next at 3229-31 level. The second support level will provide reasonable bounce from 3211-18 level to Nifty.
The RIL is good above 1735 and weak below 1715 may get support at1684 level, once it falls below 1665 will get support at 1615-30 range.
The banking major SBI and ICICI are facing Bear heat. The SBI is weak and good support is at 1180-65 level. The ICICI may get support from 376-79 level. This will gain strength only when it crosses the immediate resistance at 416-18.
The Relcap is exhibiting good support at 500 level and will gain strength above 521 level and weak below 511-13 level. It has bounced from the support at 491 level when it touched 495 low now holding above 500. In case it falls below 495 then the support at 472-467 level.
The HDFC bank is facing resistance at 1100 level and the support at 1040 level. The critical juncture is at 1085-1067 range.Please watch out for break-out in SAIL, RCOM, United Spirits.The reality sector major is getting support at 225 level and the HDIL at 124 level.
Wednesday, April 22, 2009
The cut is developing…..
The Nifty is carrying loads of wait on long side despite of global corrections; it could keep the head above deep waters for a better sailing. The major news that dampened the sentiment is the exclusion list of 50 companies from the FO segment from June-09.
In the todays trade the tech majors did not see a deep cut but the HCL tech, NIIT, NIIT Ltd and Rolta lost the ground by10% and more. The mid cap reality sector stocks, media and software stocks that face the threat of exclusion lost nearly 10%.The metals corrected steeply, especially Tata Steel and Ster. The major up moves seen in the smaller names but the Tata Elexi, Bajaj Holdings, LIC housing, Suzlon and Wockpharma deserve worth mentioning.
The up move was capped at this juncture unless the markets get good going tomorrow above 3415-18 level. The Reliance is saving the fall, weak below 1715 level and is good above 1735 but a rally is not visible. The new in RPOWER triggered a rally in the stock but its parent company REL infra made a consolidation but it well rally only if it could stay above 693 levels. The banking stocks in anticipation of the rate cut rallied now easing on the news and may correct steeply if the SBI fails to hold above 1256 level. So tomorrow is crucial for our markets and the global news holds the key.
In the todays trade the tech majors did not see a deep cut but the HCL tech, NIIT, NIIT Ltd and Rolta lost the ground by10% and more. The mid cap reality sector stocks, media and software stocks that face the threat of exclusion lost nearly 10%.The metals corrected steeply, especially Tata Steel and Ster. The major up moves seen in the smaller names but the Tata Elexi, Bajaj Holdings, LIC housing, Suzlon and Wockpharma deserve worth mentioning.
The up move was capped at this juncture unless the markets get good going tomorrow above 3415-18 level. The Reliance is saving the fall, weak below 1715 level and is good above 1735 but a rally is not visible. The new in RPOWER triggered a rally in the stock but its parent company REL infra made a consolidation but it well rally only if it could stay above 693 levels. The banking stocks in anticipation of the rate cut rallied now easing on the news and may correct steeply if the SBI fails to hold above 1256 level. So tomorrow is crucial for our markets and the global news holds the key.
Tuesday, April 21, 2009
The fall stopped….
The markets could recover due to RIL, Bharti, ONGC, HDFC, HDFC bank and DLF could place hurdles for a bear run across the board. The markets could recover in the mid session to trade in green but failed to hold the gains in the late session due to profit booking.
The Following scrips covered in my morning
posting:
ICICIBANK 416.35 391.30 398.75
RIL 1733.65 1684.70 1706.10
REL infra 689.50 662 673.85
Rel Cap 522.85 495 507
Nifty 3414.70 3309.35 3365.30
The RED spreads….
The results of TCS are good and the 1:1 bonus is not going to cheer the street as the steep sell off in the US and the Asian markets with a cut more than 3%.
The best days of AXIS banks are yet to come but the Naik resignation will have a deep cut despite the good numbers. The technology major Infosys will starts its southward journey from here to touch 1269-71 level and the bounce is expected for 1211-16.
The suggested levels in my previous posts valid and the bounce bank will happen from such levels. The Nifty will face tough resistance at 3411 level for the time being. The immediate support for today is at 3313-16 and the second support from where a serious bounce expected is at 3265-71 level. This will become a serious cut once it falls below 3250 level.
The Reliance see a deep cut below 1718-21 level and the support for this day at 1665 and at 1654-51 level.
The positive side of yesterday move of REL Infra may find support at 659-61 level and at 649-51 level, below this level serious.
The Relcap is weak below 536 and likely to go below 500 to rest at 496-93 level. The ICICI is also weak below 441-39 level and likely to touch 411 and at 403 the supports are existing but the scrip will dip below 400 and bounce is expected from 381-78 level.
The best days of AXIS banks are yet to come but the Naik resignation will have a deep cut despite the good numbers. The technology major Infosys will starts its southward journey from here to touch 1269-71 level and the bounce is expected for 1211-16.
The suggested levels in my previous posts valid and the bounce bank will happen from such levels. The Nifty will face tough resistance at 3411 level for the time being. The immediate support for today is at 3313-16 and the second support from where a serious bounce expected is at 3265-71 level. This will become a serious cut once it falls below 3250 level.
The Reliance see a deep cut below 1718-21 level and the support for this day at 1665 and at 1654-51 level.
The positive side of yesterday move of REL Infra may find support at 659-61 level and at 649-51 level, below this level serious.
The Relcap is weak below 536 and likely to go below 500 to rest at 496-93 level. The ICICI is also weak below 441-39 level and likely to touch 411 and at 403 the supports are existing but the scrip will dip below 400 and bounce is expected from 381-78 level.
Monday, April 20, 2009
The correction is good….
The correction in the markets is good for the long term investors. The rally was sharp and very few could venture to grab the opportunity. The world economic situation has not improved but the hope that could build on the extreme pessimism when Dow touched the 25 year low below 700 levels. Now such an extreme situation could suddenly emerge as a rally over that lasted for more than 6 consecutive weeks to create a history in US that was not happened in the past 60 years. The strength of extremism of pessimism made a Bear trap and now it can be gauzed with this heavy short covering lead Bull grip over the markets across the globe.
The cool off signs are emerging in all the markets and they are now enjoying the vacation at higher level as consolidation. So our Nifty could again touch 3080-3020 level due to our domestic issues. The confusion over the new government formation gets accelerated as the “third front” will emerge from political turbulence as the polling phases get closer to end by May second week. The tussle for the premier hot seat, the FM Budget and June end quarterly results will clearly provide the right direction to our markets.
For today, the Nifty is strong so long as it trades above 3360 level. The Bulls will gain strength above 3426-35 level but will yield to selling pressure incase Nifty fails to cross 3411-09 initial resistance. The high volatility may reduce and may get support at 3313-11 level, the second support will be at 3280-88 level. The Asian markets are flat with negative bias.
The counters that lost the charm are The RIL and ONGC. The RIL is weak below 1730 and face serious resistance at 1757-1751 level. The RIL will get support at 1665-67.
The ICICI bank is strong above 444-45 level but will become weak below 435 to touch 419-22 support level.
The Rel cap now facing bear pressure gets resistance at 551-49 range and likely to touch 480-475 range. For today it may get support at 491-93 level.
The SBI is showing good support at bottom till yesterday evening failed to hold the ground above 1306-09 level may get support at 1259-56 if it fails trade to trade above 1320 level.
The Rel Infra face resistance at 685-83 level and may find support at 621-23 once it trades below 659-61 level.
The DLF received a series of bottom support at 222-226 level for 4 trading sessions may once again get support.
The cool off signs are emerging in all the markets and they are now enjoying the vacation at higher level as consolidation. So our Nifty could again touch 3080-3020 level due to our domestic issues. The confusion over the new government formation gets accelerated as the “third front” will emerge from political turbulence as the polling phases get closer to end by May second week. The tussle for the premier hot seat, the FM Budget and June end quarterly results will clearly provide the right direction to our markets.
For today, the Nifty is strong so long as it trades above 3360 level. The Bulls will gain strength above 3426-35 level but will yield to selling pressure incase Nifty fails to cross 3411-09 initial resistance. The high volatility may reduce and may get support at 3313-11 level, the second support will be at 3280-88 level. The Asian markets are flat with negative bias.
The counters that lost the charm are The RIL and ONGC. The RIL is weak below 1730 and face serious resistance at 1757-1751 level. The RIL will get support at 1665-67.
The ICICI bank is strong above 444-45 level but will become weak below 435 to touch 419-22 support level.
The Rel cap now facing bear pressure gets resistance at 551-49 range and likely to touch 480-475 range. For today it may get support at 491-93 level.
The SBI is showing good support at bottom till yesterday evening failed to hold the ground above 1306-09 level may get support at 1259-56 if it fails trade to trade above 1320 level.
The Rel Infra face resistance at 685-83 level and may find support at 621-23 once it trades below 659-61 level.
The DLF received a series of bottom support at 222-226 level for 4 trading sessions may once again get support.
Sunday, April 19, 2009
Now the time to wait……
The markets are under bull grip with out any doubt. People find different jargons to situations but the ultimate goal in market participation is to make money. The serious investor or the trend follower simple finds way to adjust in the right slot to take the pie worth deserving.
The strength of markets at the bottom and the building process was so excellent that the advancement was like creeping. The retail investors were skeptical to participate in the pessimistic environment. This provided a god sent opportunity to Bull operators to scale to touch new highs. The history is writing on the wall.
The Nifty rallied from 2539 on 6th March to 3511 on 16th April, in 24 trading sessions it rallied nearly 970 points with out any serious set backs.
The fall on 30the was really serious to cover but covered in style to trap the bears. The front line stocks like REL Infra, Rel cap, SBI, Axis bank, RIL LT and many more rose by 50% as the short sellers were seriously trapped. The classic example of retail short covering at the fag end of the day on “Infosys results-15th April” triggered rallyand effortlessly stocks fell on the next day itself.
Now the challenge is to find out the emerging trend. There some stocks that emerged as Bullish in the last 3-4 tradings and the earlier front runners taking a pause in the run up. The stocks like HUL, ITC, Wipro, LT, SBI, Axis bank and to some extent Bharti are exhibiting bullishness.
The RIL, ONGC, GAIL, Rel Infra, R-power, NTPC, DLF, HDIL, T motors, TCS, United spirits and metal majors seems to be buckle to bear pressure.
The short covering stretch can be observed in BHEL, Maruti, T-power and in United Spirits.
The strength of markets at the bottom and the building process was so excellent that the advancement was like creeping. The retail investors were skeptical to participate in the pessimistic environment. This provided a god sent opportunity to Bull operators to scale to touch new highs. The history is writing on the wall.
The Nifty rallied from 2539 on 6th March to 3511 on 16th April, in 24 trading sessions it rallied nearly 970 points with out any serious set backs.
The fall on 30the was really serious to cover but covered in style to trap the bears. The front line stocks like REL Infra, Rel cap, SBI, Axis bank, RIL LT and many more rose by 50% as the short sellers were seriously trapped. The classic example of retail short covering at the fag end of the day on “Infosys results-15th April” triggered rallyand effortlessly stocks fell on the next day itself.
Now the challenge is to find out the emerging trend. There some stocks that emerged as Bullish in the last 3-4 tradings and the earlier front runners taking a pause in the run up. The stocks like HUL, ITC, Wipro, LT, SBI, Axis bank and to some extent Bharti are exhibiting bullishness.
The RIL, ONGC, GAIL, Rel Infra, R-power, NTPC, DLF, HDIL, T motors, TCS, United spirits and metal majors seems to be buckle to bear pressure.
The short covering stretch can be observed in BHEL, Maruti, T-power and in United Spirits.
Thursday, April 09, 2009
Spectacular grip……
The Bulls hold the spectacular grip over the markets and saved the day with de-coupling with the rest of the world. The journey calculators went on counting the points added from the low to the highest but the markets interested to make a new high each time and every time for the last one month.
The correction happened only one day and the rest is internal and intraday. The side lined waiting money woke-up and starts chasing the stocks for now as if we are in a run-up Bull market. The RIIL has again made a 40% gain and the sugar stocks rallied by 15-20%.
The SGX Nifty suggests that the Asian markets are in green with Hang Sang by 1.35% and the Nikkei up by 1.8% and we are likely to open above 3400 with 50-60 points gap up. As suggested in my earlier the Nifty will take a breather here (………The Nifty could be expected to touch 3381-4408 in coming days as the momentum is well in place. The fag end of the run will be fast and surprising.)
The Nifty has good support at 3050 level and very good support at 2960-50 level. The markets rallied enough to cross the hurdles at 3135 and 3280 level. So the fall will become weak and bearish only when Nifty trades below 3000 level. The corrections will be stock specific and the overall markets are in higher orbit.
The Nifty has resistance at 3423 level and the support at 3311-09 and at 3273-71 level.
The Reliance rallied yesterday beyond expectation 1763 and the selling may come at 1787 level. The bottom support will come for today at 1706 and at 1695-91 level. The counter will become weak below 1693 level.
The bear hug counters like BHEL will become very weak below 1495 and it will get short covering if at all only above 1540 level. The other weak counter is Bharti will become weak below 620 level is facing resistance at 670 level. India bulls realest may see some selling pressure above 137-39 level and Rolta will face resistance to cross Rs75-77.
The counters like ICICI which went up on low activity may run up to 393 and to 403-06 level so long it trades above 373 level. It will become weak below 368 level.
The Rel Infra is good above 616 to touch 660 level but will become weak below 603 level. In case the stock shall not trades below 593 will see selling pressure from short sellers and the bull un-winding will accelerate for every 5 rupee fall.
The correction happened only one day and the rest is internal and intraday. The side lined waiting money woke-up and starts chasing the stocks for now as if we are in a run-up Bull market. The RIIL has again made a 40% gain and the sugar stocks rallied by 15-20%.
The SGX Nifty suggests that the Asian markets are in green with Hang Sang by 1.35% and the Nikkei up by 1.8% and we are likely to open above 3400 with 50-60 points gap up. As suggested in my earlier the Nifty will take a breather here (………The Nifty could be expected to touch 3381-4408 in coming days as the momentum is well in place. The fag end of the run will be fast and surprising.)
The Nifty has good support at 3050 level and very good support at 2960-50 level. The markets rallied enough to cross the hurdles at 3135 and 3280 level. So the fall will become weak and bearish only when Nifty trades below 3000 level. The corrections will be stock specific and the overall markets are in higher orbit.
The Nifty has resistance at 3423 level and the support at 3311-09 and at 3273-71 level.
The Reliance rallied yesterday beyond expectation 1763 and the selling may come at 1787 level. The bottom support will come for today at 1706 and at 1695-91 level. The counter will become weak below 1693 level.
The bear hug counters like BHEL will become very weak below 1495 and it will get short covering if at all only above 1540 level. The other weak counter is Bharti will become weak below 620 level is facing resistance at 670 level. India bulls realest may see some selling pressure above 137-39 level and Rolta will face resistance to cross Rs75-77.
The counters like ICICI which went up on low activity may run up to 393 and to 403-06 level so long it trades above 373 level. It will become weak below 368 level.
The Rel Infra is good above 616 to touch 660 level but will become weak below 603 level. In case the stock shall not trades below 593 will see selling pressure from short sellers and the bull un-winding will accelerate for every 5 rupee fall.
Wednesday, April 08, 2009
Correction in the momentum…..?
The markets across the globe are taking a breather in the Bull run initiated 4-weeks back. The Indian markets displayed the much required strength against the bad times when US falling to touch its 25 year lows and participated in the bounce back. Now the real testing time to our markets whether we could de-couple and rise or not?.
The SGXNifty suggests that the Nifty could see a cut of nearly 90 points in the opening. The Asian markets were down and Yester day holiday saved our cut but today Bears exert more pressure on the Bulls to hold the ground above 3150 level. The early morning support may come at 3130 level but the Nifty has support at 3080.
The RIL has the initial support at 1617-23 level and may touch 1594-91 level to bounce sharply above the first support level.
The HDFC the star performer may loose some strength but it is in the Bull grip so long it trades above 1609-1620 has the potential to touch 1945-60 level.
The much roller coaster rider with great swings either side happened on Monday in Rel Infra may yield to selling pressure; get support at 676-73 level and at 666 level. The scrip will rally to 669 level once it trades above 593 after this correction which may trap the bears by touching 532-526 level.
The best out-performers of the recent rally- LT has good support at 720-16 level and get very good support at 701-03 level, the RCOM will get support at 186-188 level, the Bharti is in Bull grip sol long it trade above 617-21 level.
The metal may correct sharply. The Sail likely to touch 93 level, The Tata steel may touch 206-09 level and the Sterlite may touch 345-43 level.
The correction will check the journey when the SBI reaches 1025-35 range, Relcap touches 369-73 range and the ICICI touches 329-324 range.
The SGXNifty suggests that the Nifty could see a cut of nearly 90 points in the opening. The Asian markets were down and Yester day holiday saved our cut but today Bears exert more pressure on the Bulls to hold the ground above 3150 level. The early morning support may come at 3130 level but the Nifty has support at 3080.
The RIL has the initial support at 1617-23 level and may touch 1594-91 level to bounce sharply above the first support level.
The HDFC the star performer may loose some strength but it is in the Bull grip so long it trades above 1609-1620 has the potential to touch 1945-60 level.
The much roller coaster rider with great swings either side happened on Monday in Rel Infra may yield to selling pressure; get support at 676-73 level and at 666 level. The scrip will rally to 669 level once it trades above 593 after this correction which may trap the bears by touching 532-526 level.
The best out-performers of the recent rally- LT has good support at 720-16 level and get very good support at 701-03 level, the RCOM will get support at 186-188 level, the Bharti is in Bull grip sol long it trade above 617-21 level.
The metal may correct sharply. The Sail likely to touch 93 level, The Tata steel may touch 206-09 level and the Sterlite may touch 345-43 level.
The correction will check the journey when the SBI reaches 1025-35 range, Relcap touches 369-73 range and the ICICI touches 329-324 range.
Tuesday, April 07, 2009
The strength displayed…..
The markets showed their positive strength on the back of Asian markets rally. The opening was so bullish but failed to hold on the gains due to the weakness in RIL, SBI, HUL and ITC but closed in positive territory with the help from RCOM, Bharti, LT, HDFC and HDFC bank.
The mid-cap rally is phenomenon be it ESSAR OIL BY 50%, RIIL BY
40%, GITANJALI BY 25%, MRPL & CHENNAI PETRO rose close to 20%. The rally is very sharp and interesting to complete the cycle to squeeze the retail short sellers in the market. These moves will threaten the other dare devils to think of selling in the market even though their calling is right. These pre-empting techniques are useful to the market movers/operators to manage their stocks to their tunes.
The market leader RIL seems exhausted, this can be confirmed when the Reliance fails to trade above 1693 level as the Reliance high made Monday at Rs1742/- is a clear indication of capping at the top. The correction may lead the stock to touch support at 1535-45 range.
The Nifty has first support at 3109-18 level and the second support at 3020-26 level. The Nifty will become weak only when it trades below the second support level. The consequent 3 day lows at 2962-66 level any way come to rescue the Bulls even a deep correction is un-warranted.
The Banking lot will correct sharply by more than 20% in this fall but the resilience to bounce is still inherent.
The mid-cap rally is phenomenon be it ESSAR OIL BY 50%, RIIL BY
40%, GITANJALI BY 25%, MRPL & CHENNAI PETRO rose close to 20%. The rally is very sharp and interesting to complete the cycle to squeeze the retail short sellers in the market. These moves will threaten the other dare devils to think of selling in the market even though their calling is right. These pre-empting techniques are useful to the market movers/operators to manage their stocks to their tunes.
The market leader RIL seems exhausted, this can be confirmed when the Reliance fails to trade above 1693 level as the Reliance high made Monday at Rs1742/- is a clear indication of capping at the top. The correction may lead the stock to touch support at 1535-45 range.
The Nifty has first support at 3109-18 level and the second support at 3020-26 level. The Nifty will become weak only when it trades below the second support level. The consequent 3 day lows at 2962-66 level any way come to rescue the Bulls even a deep correction is un-warranted.
The Banking lot will correct sharply by more than 20% in this fall but the resilience to bounce is still inherent.
Monday, April 06, 2009
The Asian surge….
The Asian markets are trading in green with a positive move up wards by 2.5-3.5% but with an exception of Shanghai Composite in red. The markets are filled with josh that could lead this rally further as the negative data coming is not surprising to the markets as it is used to live with.
The SGX Nifty is suggesting that the Nifty is well above the resistance level at 4265-80 level and currently trading at 4335 with low as 4265. So the markets shall run on its course as the Bulls are hungry for more. The Nifty could be expected to touch 3381-4408 in coming days as the momentum is well in place. The fag end of the run will be fast and surprising.
The good policy is to avoid fresh entry at this level. The Nifty likely to get support at 2935-65 level while coming down can be an etry point. The Nifty built this empire with a classic bottom building process at 2565 level for 3-days and 2740-2773 for 3-days and 2962-66 for 3 consequent days. So even by simple averaging theory suggests that the market has good support at 2775 level.
The Reliance was the first to move the Index has resistance at 1848 level and good support existed at 1535-15 level. The Rel-infra has the potential to touch 609-11 level and likely to touch 669-73 level in coming days so long it stays above 551-53 level.
The Banking giant though lagging the run but has potential to touch 1320 level if it stays above 1060-65 level. The ICICI bank is the most battered stock even in the recent bull-run is running in line with others but with great exhaustion may face resistance at 393 level but can be expected to touch 416-21 level. The stocks like NTPC, HDFC, HUL, Axis Bank and Bharti are becoming hot favourites for Shorting.
The SGX Nifty is suggesting that the Nifty is well above the resistance level at 4265-80 level and currently trading at 4335 with low as 4265. So the markets shall run on its course as the Bulls are hungry for more. The Nifty could be expected to touch 3381-4408 in coming days as the momentum is well in place. The fag end of the run will be fast and surprising.
The good policy is to avoid fresh entry at this level. The Nifty likely to get support at 2935-65 level while coming down can be an etry point. The Nifty built this empire with a classic bottom building process at 2565 level for 3-days and 2740-2773 for 3-days and 2962-66 for 3 consequent days. So even by simple averaging theory suggests that the market has good support at 2775 level.
The Reliance was the first to move the Index has resistance at 1848 level and good support existed at 1535-15 level. The Rel-infra has the potential to touch 609-11 level and likely to touch 669-73 level in coming days so long it stays above 551-53 level.
The Banking giant though lagging the run but has potential to touch 1320 level if it stays above 1060-65 level. The ICICI bank is the most battered stock even in the recent bull-run is running in line with others but with great exhaustion may face resistance at 393 level but can be expected to touch 416-21 level. The stocks like NTPC, HDFC, HUL, Axis Bank and Bharti are becoming hot favourites for Shorting.
Sunday, April 05, 2009
The Rally reached………….
The markets enjoyed the rally despite of all economic bad news and demand contraction at home but on US markets. The global markets were enthused by the US rally because every else country is in a better position the worst effected. Now the news headlines carrying the 17 month old recession is now taking efforts to rise from the lows. The same thing has reflected in their indices.
The dependant emerging markets (third world) countries will now feel the heat as there could be some time lag to face the challenges. Now the real testing times a head to our Indian corporate houses to overcome both the demand contraction at home and shrinking margin abroad. The US will place many restrictions to save their economy and the exporters will face the margin pressure as the Rupee already reached a level. So every 1% of rupee strengthens place the exporters at very disadvantage position. The plant shut downs of the new offshore acquisitions will squeeze the top corporate houses and the interest burden will erode the little earnings made. Now the future for Indian corporate houses is very challenging and so is their market cap.
The Nifty has cross the earlier resistance at 2860 level with ease as it could absorb the selling pressure at 2550-2630 level while the US is testing the Multi-year lows at DOW and NASDAQ. The rally is sharp and the openings wee also above 60-100 points on Nifty at the 3000 level to 3200 level shows the squeeze faced by the short sellers who expected the Nifty to follow US in down turn. This could propel the short covering above 3080 level to test the 3229 level. So is the case with Bank Nifty from 3320 to 4425 level. The stocks gained more than 40 to 80% from their lows in this 700 points Nifty rally triggered on first week end of March to date. The first quarter results and the predictions of the strength of the Third Front will carry the tunes to the market. As of now the Nifty may face resistance at 3280 level and may correct sharply.
The dependant emerging markets (third world) countries will now feel the heat as there could be some time lag to face the challenges. Now the real testing times a head to our Indian corporate houses to overcome both the demand contraction at home and shrinking margin abroad. The US will place many restrictions to save their economy and the exporters will face the margin pressure as the Rupee already reached a level. So every 1% of rupee strengthens place the exporters at very disadvantage position. The plant shut downs of the new offshore acquisitions will squeeze the top corporate houses and the interest burden will erode the little earnings made. Now the future for Indian corporate houses is very challenging and so is their market cap.
The Nifty has cross the earlier resistance at 2860 level with ease as it could absorb the selling pressure at 2550-2630 level while the US is testing the Multi-year lows at DOW and NASDAQ. The rally is sharp and the openings wee also above 60-100 points on Nifty at the 3000 level to 3200 level shows the squeeze faced by the short sellers who expected the Nifty to follow US in down turn. This could propel the short covering above 3080 level to test the 3229 level. So is the case with Bank Nifty from 3320 to 4425 level. The stocks gained more than 40 to 80% from their lows in this 700 points Nifty rally triggered on first week end of March to date. The first quarter results and the predictions of the strength of the Third Front will carry the tunes to the market. As of now the Nifty may face resistance at 3280 level and may correct sharply.
Sunday, March 08, 2009
how far is .....
The extreme side of the market direction from a high of 6357 is the depth of fall one is expecting to stop and at an early date. The effort is to understand and analyse the swings......
The critical analysis shows that the markets are in tail spin fall to a dismal low of 2253.75 on 27-10-2008 from a high of 6357 on 08-01-2009.
The All-time High: 6357 and the All-time Low: 2253
The high to fall 6357 to 4448.50 low registered on 22-01-08 in 10 trading sessions with a fall of 1890 points is the begining........
HIGH : DATE LOW: DATE
6357.00 08-01-08 4448.50 22-01-08
5391.60 29-01-08 5071.15 31-01-08
5545.20 04-02-08 4803.60 11-02-08
5368.45 19-02-08 4620.50 10-03-08
5019.20 12-03-08 4468.55 18-06-08
4970.80 28-03-08 4628.75 16-04-08
5298.95 02-05-08 4913.80 12-05-08
5167.40 16-05-07 4536.25 05-06-08
4626.45 09-06-08 4369.80 10-05-06
4679.75 18-06-08 4093.20 25-06-08
4324.75 26-06-08 3848.25 02-07-08
4114.50 07-07-08 3896.05 08-07-08
4215.50 11-07-08 3790.20 16-07-08
4539.45 24-07-08 4159.15 29-07-08
4615.90 06-08-08 4464.00 08-08-08
4649.45 12-08-09 4248.00 22-08-08
4398.80 25-08-08 4201.85 28-11-08
4522.40 02-09-08 4328.90 05-09-08
4558.00 08-09-08 3919.35 16-09-08
4303.25 22-09-08 3715.05 30-09-08
4000.50 01-10-08 3198.95 10-10-08
3648.25 14-10-08 3046.60 17-10-08
3254.85 21-10-08 2252.75 27-10-08
3240.55 05-11-08 2502.90 20-11-09
2832.85 01-12-08 2570.70 02-12-08
3110.45 22-12-08 2701.75 15-01-09
2868.20 19-01-09 2661.75 23-01-09
2969.75 13-02-09 2539.45 06-03-09
The critical analysis shows that the markets are in tail spin fall to a dismal low of 2253.75 on 27-10-2008 from a high of 6357 on 08-01-2009.
The All-time High: 6357 and the All-time Low: 2253
The high to fall 6357 to 4448.50 low registered on 22-01-08 in 10 trading sessions with a fall of 1890 points is the begining........
HIGH : DATE LOW: DATE
6357.00 08-01-08 4448.50 22-01-08
5391.60 29-01-08 5071.15 31-01-08
5545.20 04-02-08 4803.60 11-02-08
5368.45 19-02-08 4620.50 10-03-08
5019.20 12-03-08 4468.55 18-06-08
4970.80 28-03-08 4628.75 16-04-08
5298.95 02-05-08 4913.80 12-05-08
5167.40 16-05-07 4536.25 05-06-08
4626.45 09-06-08 4369.80 10-05-06
4679.75 18-06-08 4093.20 25-06-08
4324.75 26-06-08 3848.25 02-07-08
4114.50 07-07-08 3896.05 08-07-08
4215.50 11-07-08 3790.20 16-07-08
4539.45 24-07-08 4159.15 29-07-08
4615.90 06-08-08 4464.00 08-08-08
4649.45 12-08-09 4248.00 22-08-08
4398.80 25-08-08 4201.85 28-11-08
4522.40 02-09-08 4328.90 05-09-08
4558.00 08-09-08 3919.35 16-09-08
4303.25 22-09-08 3715.05 30-09-08
4000.50 01-10-08 3198.95 10-10-08
3648.25 14-10-08 3046.60 17-10-08
3254.85 21-10-08 2252.75 27-10-08
3240.55 05-11-08 2502.90 20-11-09
2832.85 01-12-08 2570.70 02-12-08
3110.45 22-12-08 2701.75 15-01-09
2868.20 19-01-09 2661.75 23-01-09
2969.75 13-02-09 2539.45 06-03-09
Thursday, March 05, 2009
SENSEX below 3 year low…
The regular readers might have understood the supports and resistance levels and how they works. The Nifty is still a out-performer when it compared with the rest but the outflow of money due to the global giant financial institutions crumbling performance cast a shadow on our banking sector and on markets.The SENSEX is below 3 year low, where as the inflation was at 2002
levels.
In my earlier post it was mentioned the Reliance levels and the ONGC today the RIL high at 1220 and low at 1142 level and the ONGC took support at 637 . The Nifty took support at 2564 but it did not tried to cross the 2680 at time.
Now the markets are under severe selling pressure that to delivery based selling by institutions forcing the markets down. The Asian markets are ok and the yesterday cue from Europe and US also good but we did not follow them just because now a days we are a head of them…leading them.
Wednesday, March 04, 2009
Against all odds.......
The 12 year low of DOW in US and the free fall in Europe due to the financial sector fall out did not effected Nifty but forced mourning was inevitable to express and act in line with them. The markets took all pains to stay above 2700 despite of meltdown in US and other European markets for some time and till yester day the lower supports were protected at 2650 level.
The Nifty now has to trade above 2740 level to avoid the debacle. In my earlier posting clearly mentioned the momentum loss in heavy weight despite the Nifty moving up to cross the 2930 hurdle. The RIL, ONGC and NTPC managed the show.
The challenge now is to see the quick recovery from the lows. The Nifty has to move above 2680 level to absorb the selling pressure without violating the immediate support at 2550. The RIL suddenly crumbled in late hour of trade below 1220 to touch a low of 1175 is the cause of concern.
The Asian markets are in green especially the China and the recovery in US failed to hold till closing in US is not a good sign. The SGX Nifty suggests a flat opening, today the Nifty may face resistance at 2741-43 level may get support at 2584-79 level and next at 2550 level. The Reliance may face resistance at 1221-1218 level and will become weak below 1191 level may get support at 1146-51 level. The ONGC may face resistance at 663-66 level may get support at 642-39 level.
The severely beaten Rel Infra may face resistance at 451 level may get support at 426 level and next at 421 level, in case it fails to cross the 441 it may test 401-396 level in next two days.
The ICICI may face resistance at 311-08 level may get support at 281and level two support may emerge at 373. The Relcap may face resistance at 331-33 level.
In my earlier posting suggested that the Bharti may see steep fall if it trades below 639 support level touched 594.
The Nifty now has to trade above 2740 level to avoid the debacle. In my earlier posting clearly mentioned the momentum loss in heavy weight despite the Nifty moving up to cross the 2930 hurdle. The RIL, ONGC and NTPC managed the show.
The challenge now is to see the quick recovery from the lows. The Nifty has to move above 2680 level to absorb the selling pressure without violating the immediate support at 2550. The RIL suddenly crumbled in late hour of trade below 1220 to touch a low of 1175 is the cause of concern.
The Asian markets are in green especially the China and the recovery in US failed to hold till closing in US is not a good sign. The SGX Nifty suggests a flat opening, today the Nifty may face resistance at 2741-43 level may get support at 2584-79 level and next at 2550 level. The Reliance may face resistance at 1221-1218 level and will become weak below 1191 level may get support at 1146-51 level. The ONGC may face resistance at 663-66 level may get support at 642-39 level.
The severely beaten Rel Infra may face resistance at 451 level may get support at 426 level and next at 421 level, in case it fails to cross the 441 it may test 401-396 level in next two days.
The ICICI may face resistance at 311-08 level may get support at 281and level two support may emerge at 373. The Relcap may face resistance at 331-33 level.
In my earlier posting suggested that the Bharti may see steep fall if it trades below 639 support level touched 594.
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