==>>Nifty range seen 2700-3250

Just a glimpse of the Indian Markets in the past 1 year start from the all time high in Nifty of 6357 made on 8th Jan 2008 and the low of 2252 on 27th Oct 2008. If we try to put the Fibonacci theory in the Nifty chart we can clearly see that the nifty is facing stiff resistance at the 3250, that is also the 23.6% retracement level by the theory. Nifty at the lower levels is finding support at 2700 levels.

For some companies the results have been good, but for others the last few quarters have been really bad. RIL came out with good reults, Tata steel net profit halved. PSU banks have posted very good results for the 3rd quarter. Long term investors can take positions in the PSU banks. Yes the returns are slow in these but atleast it will be sure. Volumes have fallen drastically in the last few days. Nifty willl still face the resistance level at 3250. till the time that is not broken, nifty will trade in 2700-3250 levels only. Break below 2700 can take the Nifty to 2550 levels, that is likely not possible. But that will also depend on the Global markets. Oil prices have cut down by Rs5, Diesel by Rs2.

1) Weight in WPI 2) Constituent 3)Decline in Price 4)Net Impact on WPI (WoW decline)
1)0.89% 2)WPI of Petrol 3) -10.0% 4)-0.09%
1)2.02% 2) WPI of High speed diesel oil 3) -5.0% 4)-0.11%

1)1.84% 2)WPI of Liquified Petroleum Gas 3) -7.0% 4)-0.13%
Net Impact on WPI(WoW Decline-0.33%

On Wednesday i had given a buy call on PSTL @ 21.8, its locked in the upper circuit at 24.30, hold on with the SL of 21......