The Bulls party …….

The markets are enjoying the up move as if there was some Bull market at it a high of jubilant mood.
As expected earlier in the previous posts that the markets will get the bulls support as the blue chips are thrown on streets but very few takers to accept the offer. Those who shorted below 2860 level and those who were aggressive below 2680 are started covering their positions. I clearly mentioned not to short below if not interested to buy just maintain sidelines till the confidence builds to venture.
The surprise to day was the ONGC move and the operators in ONGC might already expected a short covering in global crude price as it was trading above 12%m so the ONGC crossed the 710 resistance and rallied to 780 level as the 716 now became as an immediate support. The RIL is consolidating at 1420-25 level as the resistance playing a hinder to a free rise.
The Governments across the globe came forward to cut the lending rates and infused more liquidity into the system to lay some support to the falling financial markets and sagging industrial growth. Now Indian Government take a bold initiative, has given assurance to the industry leaders to take advantage of the financial crisis of the west and maintain the work force without layoffs as the elections are nearing.
The Nifty has crossed the immediate risk of falling back to 2200 level as the bottom was neatly developed at 2550-60 level. So now the Nifty is likely to swing between 2850-3680 levels till the “New Year-09” bells ring.