The positive global cues and the Asian markets rally can keep us in green in the morning and in the evening it is very likely that some profit booking can be seen. The likely would of correction is around the corner as the over heated markets need some cooling. The Bulls this time made a killing in the markets as they pushed the Nifty from 3800 to 4500. The rally focused on the banking/insurance sector and the power sector. The profit booking is over due as these markets recovered from their lows due to short covering and with some buying from institutions. The retail investors will come to market with anticipated up move at least from this level to 5000+ level.
The Nifty is good above 4370 level and likely to face resistance at 4511-15 level. Incase it crosses 4529-31 level then the markets will easily cross 4612 resistance with out any resistance in the coming days.
(Due to some unavoidable technical problems I failed to post in the morning, though it has little value now but help the readers to track the movement)
Thursday, July 24, 2008
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