ONGC ↑ Reliance ↓ Two heavy weight tussling on direction and so do NIFTY. Today’s Fall are supported by many other stock like L&T, ICICI, AUTOs, HDFC, which all was heavy gainer in recent shoot-up rally. Still chances are there that they can go further down, but eventually they should find support @ 5 Day or 8 Day Moving Average. Nifty has support @ 4150. Monthly Chart and its Technical indicator favoring Bulls, Weekly Chart and Trends are getting weak and On Daily Charts & its Technical’s favors Bears. To take advantage of this situation one can have strategy to buy on deep, but who much deep it’s a Million Rupee question!
For Investor I would say Buy on deep, Market can go down till 3600 in coming three month. For Trader Please emboss two level in mind if you are short, cut position if market starting moving up gradually over 20 mins, or cross 4325. If you are long please keep SL of 4150, as below 4200 Nifty is week. Only Hope for Bulls are revival of RIL, if it trade above 2150 then we believe market will sustain @ current level. Tomorrow ONGC might show some more strength, but in short term it’s overbought, may fall back from 1114 level. Go Short on ONGC if it’s unable to overcome 1114; even 1114 act as resistance and SL level for bear player in this Stock.
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