Bulls have held the 4920 level during the carnage yesterday, and pushed for short squeeze, which lead our indices to climb back above crucial level of 5000 and also ensured closure above 5020. This happened inspite of Telcom stocks under severe selling pressure due to the proposed TRAI guidelines, which will directly hurt their bottom lines. The strength in FMCG stocks contributed to the recovery. The news that Australian Government deciding to raise rates infused confidence among global investors that the first signs of recovery may be on cards. The US dollar weakness helped all markets including US markets to post substantial gains.
SGX is currently trading with 21 points gains and our markets too will open in positive territory. However, uptick in inflation and Infosys results to be announced on 09th instant, might keep the markets subdued till tomorrow. Nifty if holds yesterday's low of 4920 on any weakness one can go long on markets for higher targets like 5150 - 5250 by next week. The initial hurdle shal:l be 5060 and then 5080 which was previous week closing. once these levels are taken out and protected on any selling Nifty will challenge 5110 and post fresh highs.
Nifty Range for the Day: 4980 - 5020 - 5060 - 5100.
1 comment:
Dear sir,
you were anticipating fall in october 2009. Do you still think that will happen?
saba
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