Today’s market session was a steady and range bound in the early trade. The spike up during the latter hours helped the Nifty to close at 5150 mark and the Sensex closed at100 point’s at 17,165. The Nifty and the Sensex rally were long overdue and at the moment it really had a good play out session.
This rally has been from the past seven trading session and it could last for another 3 weeks or so. The nifty may surpass 5350 levels but in order to attain those levels it must cross the resistance level of 5175-5225 levels. However, the upside may be capped between 5250-5300. Investors need to be cautious in the market and should sell on rise.
Presently all eyes lies on President Barack Obama speech about job creation. Also there has been reports that a proposal of USD 300 billion package to be announced and this will include tax cuts and rate cuts The market players will closely monitor the rate decision of European Central Bank.
“Bell the bull says: Investors should be cautious while investing in the market as the rally may not take Nifty beyond 5300.”