Short term indicators have given green signal to the market. This does not mean that the worst is over. As you may know that the Euro zone problem cannot be solved in a single day. The Nifty has moved up to cross above the resistance of 5040, probably because of short coverings by the traders. All will end well only when the Nifty crosses 5520 which is a long ...way to go. The next important resistance zone is 5180!!
The market is still in corrective mode and there are few fundamentals shows the further down move can not be ruled out.
1.The inflation is nearing the double digit. 2.The domestic fuel price hike.(Petrol price hike Rs.3.50 from yesterday) 3.The rupee value decreasing against dollar.(15 months low) 4.RBI Ready for Again Rise interest rate. 5.Greece default. 6.Euro zone Getting Closer to Crack 7. Techincall possibility are Open For Nifty fall to --4500/ 4000 levels.
Yesterday market zoomed due to 'Global sentiment' is keeping away the bears!
Positive signals from the euro-zone helped the Indian shares to post gains. Is it good time to buy stocks?
Yesterday, the BSE Sensex gained 166.94 points to settle at 16,876.54. The S&P CNX Nifty zoomed up 63.15 points to settle at 5,075.70. Nifty September futures closed at a premium of 21.45 points over the spot closing. F&O segment recorded a turnover of Rs 131568.09 crore slightly higher than Wednesday’s turnover of Rs 130962.97 crore. BSE exchange recorded a turnover of Rs 2553 crore, lower than Wednesday’s turnover of Rs 2623.14 crore. The market breadth turned out to be positive. On BSE, 1,535 shares rose and 1,259 shares fell. Among the Sensex pack, 20 stocks rose and therest fell.