"What a party on dalal street, 18.09.2007 will be remembered for posting highest single day gain on the indices for our markets so far; Our markets opened with huge gap and went on strength to strength due to short squeeze, and buying propelled by FIIs, who have pumped in about 2450 crores of rupees yesterday itself (provisional figures) and indices have cleared previous highs in one go in style, also closed at the upper end of the trading range for the day. This is a clear bullish break out, as the turnover also supports the momentum. Now our markets are in new zone, and every dip is a buying opportunity, for long term investors.
US markets closed firm and added gains for the second day, inspite of noices that the economy may be slowing down, which can be known in the weeks to come and on knowing the second quarter performance of financials in October. We are in for volatile times, as FII flows find their way to our markets, in to select blue chips and sectors, and the domestic institutions and retail investors, are sceptical about the political risk impending, petroleum products price hike, and appreciation of rupee are hurting many sectors and companies. As long as indices continue to post new highs, which might continue till the first set of results are out in October, one has to be positive on markets.
Since we are in to unchartered territory, resistances cannot be predicted, only supports to be observed, whether held or breached to know and ride the trend which is up now on;
Short term support for Nifty shall be 4678-4648-4564-4530-4480 and for Sensex shall be 16135-15950-15870-15600-15485
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