Thursday, June 19, 2008
S&P Nifty (4582.40 points) (-70.60 pts)
Once again the Bears tightened their grip suppressing the pullback
below 4700 points. During the morning session the frontline stocks
moved up in rotation holding the Indices in positive territory but
later the Bulls attacked with full vigil. Short selling coupled with
some bull liquidation nullified the entire previous day’s gains. The
A/D ratio was marginally negative but the volumes were higher
than the previous session.
Reliance group and Banking stocks led the decline and with others
joining the Nifty marginally breached the support at 4581 in the fag
end of trading. It completed the 38.2% retracement (4674) of the fall
from 5167-4369 points. Unless 4756 points (16K on BSE) is not
decisively crossed the short term trend remains down. Support in
declines is at 4488 and 4390 points.
Intraday, 4532 points is the support in the Nifty. A decisive breach
of it would indicate more pain for the Bulls. Pivot is pegged at 4610
points while resistance is at 4664-4674 points. Those who booked
part profits in rallies (mentioned yesterday) saved themselves from
the 110 points slide. The Bears have put the ball back in the Bulls
court. They need to absorb the selling pressure without any further
damage (last week low). A tussle in on; protect your positions.
Wednesday, June 18, 2008
Indian shares fall after nuclear deal talks delayed:
MUMBAI (Reuters) - Indian shares fell more than 1 percent on Wednesday as investors worried about political uncertainty after a meeting between the government and its communist allies to break a deadlock over a nuclear deal with the United States was postponed.
At 1:18 p.m. the 30 share BSE index was down 1.15 percent or 180.51 points at 15,516.68, after it had opened firmer.
The 50-share NSE index was 0.8 percent lower at 4,614 points.
'This was a crucial meeting and now it has been postponed, investors are quite nervous,' a trader said.
Nilotpal Basu, a senior communist leader, told Reuters the meeting had been delayed for a few days, while television channels said it had been rescheduled for June 25.
Sources had said the government had wanted to try to persuade the communists during the meeting to at least allow it to conclude negotiations with the International Atomic Energy Agency.
The communists have opposed the deal that could meet some of the country's energy needs, saying it compromises India's sovereignty and security and have threatened to withdraw vital support from the ruling coalition."
At 1:18 p.m. the 30 share BSE index was down 1.15 percent or 180.51 points at 15,516.68, after it had opened firmer.
The 50-share NSE index was 0.8 percent lower at 4,614 points.
'This was a crucial meeting and now it has been postponed, investors are quite nervous,' a trader said.
Nilotpal Basu, a senior communist leader, told Reuters the meeting had been delayed for a few days, while television channels said it had been rescheduled for June 25.
Sources had said the government had wanted to try to persuade the communists during the meeting to at least allow it to conclude negotiations with the International Atomic Energy Agency.
The communists have opposed the deal that could meet some of the country's energy needs, saying it compromises India's sovereignty and security and have threatened to withdraw vital support from the ruling coalition."