The yesterday knock took the Bulls a back seat but the global developments like rate cuts and other positive measure to save the financial system improved the sentiment especially the Asian markets took some lead that propelled the indices to scale new highs.
The Nifty took support at 2860 as discussed in yesterday posting mainly on the back of Reliance improved performance on the bourses. The ONGC took a knock from a high of 780 to 720 in the last 15 minutes is a concern along with the expected cost burden on Bharti for holding excess spectrum. The RIL though recovered from the low of 1151 level to 1240 level but it is still under performing the market can pose a threat to bulls.
The metals recovered on short covering and the star performer on Nifty is the alternative energy major Suzlon, on the back of Obama win who may encourage by formulating policies that benefit the sector.
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