Technical Analysis- Nifty - Keeping The Best For The Last

The Nifty lost 18 points over the day to close at 5169. The
markets once again traded in a range yesterday but with a
negative bias this time. After a flat start the Nifty corrected to get
close to the lower end of the applicable trading range of 5150-
5200. It seems that the bulls are just buying time before a
confident move above 5200/17500. Most of the technical
indicators remain positively placed and hence momentum should

Market News - HOT FROM THE PRESS

* BHEL : China's TBEA and BHEL in talks to jointly mfg power equipment in India

* ONGC/GAIL : Cabinet likely to allow them to invest $251mn for a 12.5% stake     
in the $2.01bn gas pipeline China is building in Myanmar

* SBI : Chairman says no interest rate hike likely for next 6 mths in lending     
rates due to surplus liquidity in the mkts

Hot Stock News* RELIANCE : co says its considering overseas investments as the economic environment of past year has resulted in "interesting oppurtunities"* TATA STEEL : to invest $279mn in a JV for an iron ore project in Canada with 2 Canadian firms* SHIPPING CORPORATION : to buy 6 second hand ships to expand its fleet by taking advantage of prevailing low pxs globally