Yesterday's trades shows a violent fluctuations in the market. This may be due to some swing reversal attempts/role-overs. Now that we are at sensex 10000 range which is a psychological barrier for one and all. However, in the international markets also very heavy efforts were on to maintain the liquidity and pave a way for confidence in the common investors. Repo rate cut by RBI and expected short sale ban by SEBI at any point of time are good to markets. Our PM & FM are also giving statements regarding the stability of economy/ banking system.
One way to speak our markets were expected to take temporary support at these levels. The falling wedge shows that nifty will be bullish only after 3470. Even one may take chance to short market at nifty 3450 target will be lower edge of wedge/ new low (2900) for settlement. If nifty breaks the upper level of 3470 then market may go up to 3650 or more depending on the FII positions.
At present Asian markets are +ve & SGX nifty +ve and markets will open in +ve and may close in +ve for today.
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