Recovered but weak…..

The markets took the support once it touched the low at 2571 level and it managed to claw back to close at 2657 level a much needed support to Nifty above 2630 level and the weakness in RIL and ONGC is a great concern at this point in time.
The Australia cut the lending rates by 100 bps and our top brass discussing for the timing. The stimulus package announced to has some bearing on Infrastructure companies but the release of funds and the cost that matters a lot at this hour. The SEBI announcement of margin facility to all participants can improve the sentiment as the news flow infavour of Bull can propel the momentum in the Nifty levels back to 2800 levels.
In case the resistance at 2750 level crossed with ease, close above 2735-42 will add value to Bulls efforts. The bears will cover the positions as the positive news unfolds as progress progresses and the Nifty may touch again 3280-3300 level with short covering.
The only threatening concern unfolding is the verbal war with neighbours on Mumbai blasts can easily change the direction in case the situation provoked for a war on the terrorist camps.
The RIL has to cross the 1120 level, SBI has to cross the 1085 level and ONGC has to trade above 705level to see the Nifty to scale for new territory above 2860 level.