mkt ahead 03rd nov 2009...

back from the inauguration of beautiful and huge jungle and hill resort of one of the relatives located on mstate-mp border during the weekend. didn't get much time to update the blog.

well this is yet again a shortened week in our stock mkt.

the short/medium trend decider lvl of 4900(with 5000 tsl) given earlier got convincingly broken on the downside, setting that trend downward. sharp selling by the fiis and shorting has led nifty not holding to the lvls of 4740/4790 too and still its weak upto 4580 in the near term. in the short to medium term the downside has opened upto 4360/4400. this doesn't mean that it really has to go and test those lvls. we had gone into small reversal on equity and usd in the short term but not any major one, so the major upside tgts are still intact in the intermediate term as long as the big supports 4350 and 3900 are held. weekly resis is 4872 which needs to be crossed for near term uptrend. fiis and dii net positive cash figures to the tune of Rs. 500 odd crores each however were quite encouraging.

refer to reliance swing chart given earlier posts, it is trading quite near to the lvls of 1928/1866 marked on the chart, where it may find some good support.

all lvls mentioned are on closing basis.