Posted by: Babu Suresh | March 13, 2009

Spot-Nifty-13-Mar-09

Spot-Nifty-30M-ChartSpot-Nifty-30M-13-03-09

In this week’s shortened trading session, my supports on Monday were 2609, 2594, 2574 and my resistances 2628, 2640, 2653 and yesterday’s 2587, 2606 and 2626 and 2646, 2674 respectively.

The whole week, although was highly influenced by the positive developments emerging from the banking sector of USA, there was significant buying in some of our key sectors, esp. infra structure, metals, banking and refinery.

If you spare few minutes to refer to my analysis posted on 27th Jan.09, you would get my reasons for avoiding banking sector for mid term, even though they are available at a reasonably good price now. But still I would recommend selected banking stocks which are reliable under any circumstances and would advise to buy in small quantities.

https://sureba67.wordpress.com/2009/01/27/27th-jan-09-nse-trading-session/

There was some concern why banking sector was thrashed out despite giving very good 3rd quarter results. The simple reason is, any market which solely depends on one sector to lead will have no choice but to buckle down at one stage. Besides, it was a well known factor that the 4th quarter may not be up to the expectation. Both combined together, the banking sector was sent on a free ride.

Spot-Nifty-15M-ChartSpot-Nifty-15M-13-03-09

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