The holding is ……….

The Nifty is fighting against all odds to stay afloat above 2900 level despite of the global pressures, enthused Bears are pulling down but managing to close above 2918 is a good sign to out-perform in future.
The day was saved by the Banking giants along with the telecom leaders as the FDI norms eased. The strength in the market to cross the 2955 level was at cross roads for sure as the heavy weights like LT, Bharti, NTPC, HDFC, HDFC bank, RIL and ONGC are fully saturated for now but the momentum in ICICI and Relcap with support from the reality gainst saved the day. Now it looks difficult for the Nifty to trade above 2955 level unless RIL trades above 1405 and ONGC above 720.
The news flow was lean to support the long waited but initiated bull move to take a momentum journey to scale above 3050 level. The Obama package has value but the most needed immediate triggers for the market lies in US consumer spending and rescuing the banks from the ill-liquid assets. At home the Govt interim budget shall focus on the Govt. spending on infra-structure/allocation and providing liquidity in the system.