Just when we thought that the markets were bouncing back and the rally would continue further a halt in between was all which was witnessed today. Added to the fact of profit booking after a 4 day rally the market was held hostage by the weak global cues which made it slide to lower levels today.
The whole week started off in a weak mood with uncertainty as well as weak markets around the globe. But to surprises for all it outperformed the global markets and touched the 5100 levels and above.
The strong level of 5100 was however got broken today when NIFTY slid and closed a 100 points lower than its previous close. On the other hand Sensex fell by 300 points to close at 16,866.67 points. So a weak start a perfect rally and a slid towards the end, people are wondering to where it may lead now?
Well if figures are observed the markets have gone up by more than 9% in the last 10 trading sessions holding the crucial 5000 levels to close the week. So witnessing a profit booking and a slight correction is pretty evident. The global financial worries however still remain to be the major concerns too decide on the health of the markets. Moving into the next week of the month of September with the festival seasons coming nearer it is to be seen how the markets move and react to some major developments expected in the near future.
Bell the Bull says: The week was full of reactions with more on the greener side and holding on to the 5100 levels gives some signs of hopes for the markets to stay attractive for sometime