since last 3-4 posts ,i have been givimg a view ,that 3650-3700 zone is a strong resistance area to be watched out,,and further upmove is possible only after nifty closes above 3703,,for 2 days nifty went above 3703 intraday but couldnt gave a close, above it.my support levels were 3595 and 3575..both broken down on a closing basis,yesterday.for me next support is at 3508.and nifty CAN continue its upward journey if closes above 3624,3660,again.since ,we will witness an important political event,this week end,,i would rather love to watch election results before entering the markets again.i may miss a big move on either side,but thats affordable.
IF ,election results create confusion regarding formation of the new government,than the fear of unstable govt. will create panic,extending this corrective started from around 3700.
i am giving a few downside tgts, if nifty retreats heavily.
nifty 3500 strong support. next 3434.....3259 and 3135 possible below 3434.
all stock tgts are possible targets and support levels...if..if..nifty breaches 3500--3434 on closing basis.
rel cap 452
sbi 1188,,,1135
reliance 1770....1680...1609
bhel 1512
larsen strong support at 900..below which...809....754
tata steel below 245.....210 possible
tata motors below 239.....207
hdfc 1558
hdfc bank 1025
i request all readers to read my blog carefully,before taking any position.and remember that if a heavy correction sets in it will be a very good ,buying opportunity only.
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