#thestocktalk - January 17, 2014

#thestocktalk - January 17, 2014
After testing the resistance of 6330 level yesterday, a fall out back into the 6120-6300 zone was surely on the cards. Nifty crossed below an important level of 6317, retested the 6300 as a resistance level ultimately falling down the 6282 level and ending up at 6272 levels today. Our caution is still maintained as the various daily momentum indicators speak different languages. Same was the script presented to BAnkNifty by the sole power. BankNifty too has been pushed below 10976 level and is now staring a crucial support level of 10805. Cutting across below this level would mean a huge 3-4 % fallout out from current levels for beta sectors. Keenly waiting for "Big Boy" Reliance's Q3 earnings report at 1700 hrs today.

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