S&P Nifty (4523.60 points) (+73.80 pts)
Yesterday, the Bulls must have heaved a sigh of relief. The Nifty
opened higher and then languished around 4500 points. Fresh Bear
raid in the afternoon tested the lows but got absorbed. Short
covering in BHEL, Banking and realty stocks helped the markets to
close at the day’s high. Reliance stood rock steady behind the Bulls.
Action was seen in some Midcap stocks which is reflected in the A/D
ratio (2:1) but the volumes remained almost the same.
As mentioned, since the odds are even, the small players are not
carrying forward their positions; hence short covering is emerging
at lower levels. Volumes are still lower, buying support is required
to threaten the Bears. As long as the Nifty trades below the
resistance line of the orange channel (4670), the Bears need not
worry. Short term trend is down until 4756 points is not decisively
crossed while 4390 points is the pivot.
Yesterday, the Nifty crossed the required high of 4498 points. Today
it has to hit a high above 4573 points (with a hurdle at 4554) for the
pullback to sustain. Intraday, 4511 points is the pivot while crucial
support is at 4480 and 4437 points. Again the Bears will try to
tighten their grip. A tussle is on; protect your positions
appropriately.
NIFTY Intra Week
Volatility 224 pts
S2 4395.00 S3 4271.00
R1 4968.00 R2 5074.00
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