The Asian markets are in no good mood to move up can spread their shadow on our markets. The Nifty is good above 2915 level and has resistance above 2950 level.
The RIL may face resistance at 1405-08 level and will become weak below 1383 level to touch a low at 1341-43 level. The ONGC one of the leading counters of Nifty has suddenly got support with the 1200 cr IT case facing resistance at 720 level will become weak below 693 level will touch 671-73 level. The immediate support levels will hold as the markets are enjoying the Bulls support.
The two days consequent bear hammering on Relinfra right from the 593-96 level brought it down to 527 level could recover to 542 level. The scrip shall not trade below 511-14. The markets may re-rate RIL and the fertilizer companies with the gas supply.
Yesterday star performers like ICICI and Relcap may continue to get Bulls support. The ICICI is good above 421 levels but it has resistance at 447-46 level. The Relcap has resistance at 432-35 region but is good above 411.
The beaten down stocks made good recovery, be it ZEE, EDUCOM or MC-DOWELL. Yesterday ZEE lost nearly all the gain made in the previous session.
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