MARKETS JUMPED UP 7.5% IN THE LAST SEVEN TRADING SESSIONS ALONG WITH WORLD MARKETS. CNX NIFTY HAS HIT ITS HIGHEST CLOSING LEVEL IN NEARLY 15 MONTHS.REVIVAL OF MONSOON RAINS, HIGHER EUROPEAN STOCKS AND GAINS IN US INDEX FUTURES BOOSTED THE DOMESTIC BOURSES ON FRIDAY. INDEX HEAVYWEIGHT RELIANCE INDUSTRIES ROSE. METALS, BANKING AND REALTY STOCKS EDGED HIGHER. REVIVAL OF MONSOON RAINS BOOSTED SENTIMENT. INDIA'S MONSOON RAINS WERE 5% BELOW AVERAGE IN THE WEEK TO 26 AUGUST 2009, COMING IN CLOSE TO NORMAL FOR THE SECOND SUCCESSIVE WEEK AFTER A PROLONGED DRY SPELL, THE METEOROLOGICAL DEPARTMENT SAID ON THURSDAY, 27 AUGUST 2009. RAINFALL SINCE 1 JUNE TO 26 AUGUST WAS 25% BELOW NORMAL, IMPROVING SLIGHTLY FROM A DEFICIT OF 26% A WEEK EARLIER.
TODAY MARKET WOULD BE RANGE BOUND WITH POSITIVE BIAS. IF NIFTY TRADES ABOVE 4745 THEN WILL MOVE TO 4790 AND SUSTAIN ABOVE 4790 WILL LEAD THE MARKET TO NEW HIGHS AND CLOSE ABOVE 4825 ONE CAN RETAIN ALL THE POSITIONS FOR THE NEXT DAY IF NIFTY TRADES BELOW 4715 THEN WE CAN SEE NIFTY TO SLIDE DOWN TO 4680 AND CLOSING BELOW 4670 ONE IS ADVICED TO EXIT LONGS.
NO RECOS TODAYTODAY MARKET WOULD BE RANGE BOUND WITH POSITIVE BIAS. IF NIFTY TRADES ABOVE 4745 THEN WILL MOVE TO 4790 AND SUSTAIN ABOVE 4790 WILL LEAD THE MARKET TO NEW HIGHS AND CLOSE ABOVE 4825 ONE CAN RETAIN ALL THE POSITIONS FOR THE NEXT DAY IF NIFTY TRADES BELOW 4715 THEN WE CAN SEE NIFTY TO SLIDE DOWN TO 4680 AND CLOSING BELOW 4670 ONE IS ADVICED TO EXIT LONGS.
