Nifty closes bang on Support of 4750, Dow up 200 points & Reliance's results a tad below analyst's estimates

It would be very heartening for every bull to see DowJones up 200 points after such a bad expiry of October Future contracts but Reliance's results could be a dampener for tomorrow, although its results are just a tad below analyst's expectations but it could open down. In these Q2 results, all the companies which have reported good results & above street's estimates have been given a big thumbs up! for eg: M&M, Wipro and all those companies which reported lackluster set of results have been battered by markets for eg: Bank of India


Nifty View:

Nifty has closed on a very crucial support level, as i have been saying that 4750-4800 seems like a very good support, it has also given intraday bounces from these support levels but couldnot hold on to the small rallies. If this support of 4750 is not violated on closing basis we can see a small bounce back uptill 4880-4900, this could give an opportunity to traders who have bought stocks at lower levels to book profits

DowJones view:


DowJones has bounced back sharply around couple of hundred points from the previous close. I have been saying that DowJones may find good support around the trendline, however it did close below 9800 yesterday but the very next day it bounces back sharply. The closing below 9800 had to be on regular basis to confirm that we have broken a strong trendline but this was not the case this time



Stock Views:

Charts of Bank India & HDFC are posted below, charts are self explanatory







Have a nice trading day

Regards

Ankit