S&P CNX Nifty 2622.40 -52.20 (-1.95%)
On Jan 28 2009, I posted a technical update indicating a break of support (2524) within a month. Though, we may be a few days away before the support breaks convincingly, the statement didn’t completely hold. Subsequent posts on Nifty triggering a fall to 2678 once 2848 breaks held pretty well.
For traders, today’s close is extremely important and given the environment(in the absence of any positive indicators), the market should break 2553 soon. It is advisable to exit positions and wait for the next bottom.
The merger of RPL with RIL is pretty much a non-event and an expected one. I wouldn’t be surprised if the ADAG group comes up with a merger of its power subsidiary Reliance Power with Reliance Infra soon. This however, is not going to impact markets in any way.
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