Markets world-wide have been rallying for the past couple of days, and seems like that its going to continue for another day atleast. Nifty has moved from 2650 levels on friday to 2850 levels today, and we might see a 2900 expiry (though I would still like to believe that markets might still come below 2800 tomorrow).
World-wide markets have been moving up on renewed optimism, inspite of below expected earnings from a lot of major corporates. I think this rally has been caused due to short covering of the excessive short positions in the system, and might continue till tomorrow's expiry. We might see another downleg in the coming days, and market may touch its earlier bottoms.
2820-2840 was a good resistance band for Nifty futures, and it has broken through the band today. Tomorrow's opening might decide the day market movement. If it opens on the postive gap, we may see a run to 2900 or even 2950. A down gap opening however may take the markets below 2800 levels.
Nifty futures were trading at a discount throughout this month, and rolls happened at INR 5-6 absolute discount.
World-wide markets have been moving up on renewed optimism, inspite of below expected earnings from a lot of major corporates. I think this rally has been caused due to short covering of the excessive short positions in the system, and might continue till tomorrow's expiry. We might see another downleg in the coming days, and market may touch its earlier bottoms.
2820-2840 was a good resistance band for Nifty futures, and it has broken through the band today. Tomorrow's opening might decide the day market movement. If it opens on the postive gap, we may see a run to 2900 or even 2950. A down gap opening however may take the markets below 2800 levels.
Nifty futures were trading at a discount throughout this month, and rolls happened at INR 5-6 absolute discount.
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