Posted by: Babu Suresh | January 24, 2009

NSE Nifty Spot-Weekly Analysis – 25th Jan. 2009

Daily and Weekly charts of Nifty Spot:
 
Nifty_Spt_D&W_230109
It was a great news to learn our Prime Minister, Dr. Manmohan Singh had a successful bypass operation and his condition is stable.
 
For the 3rd consecutive week Nifty spot had closed lower than the previous week, by about 5%. My Nifty spot support still remains at 2570 subject to various factors. With barely 3 trading session remaining for the current futures contract expiry, the Feb. 09 contract is trading with discount which does not seem to be a good sign for position traders who are long.
 
As expected, SBI had posted a good 3rd qtr. result with about 37% rise in its profit after tax. As I had warned earlier in my blog, this Jan. had comparatively proved little difficult but with one consoling factor, our banking sector proved resilient compared to its global peers.
 
RelianceInd_Spt_D&W_230109Daily and Weekly Charts of Reliance Ind:
 
Reliance Ind. closed this week with nearly 5% drop however, the 3rd qtr. results as usual beat the so called expectations of the usual noise makers and pessimists. Lets not forget, S&P downgrading Reliance Ind. few weeks ago.
 
Healthy and Wealthy Trading.

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