Market Updates: A rally on the Index, a breather after deep cuts this week

by khalid on 08/10/2011 · 1 comment

So after all those jitters bringing the markets by 1000 points in 6 trading sessions a reliever comes to the rescue. It is not clear whether this It was a steady and solid session of trade or just a sharp cover of the drastic fall in the markets in the recent times. The global cues also dint has any support as such to bring the markets higher to these levels.

A rally of 136 points was witnessed over the Nifty which closed at 4,888 points. On the other hand Sensex rallied by 440 points to end the day at 16,232 levels. The volatility in the markets were extreme through out the last trading sessions but today markets were steady and saw its closing near their highs only. For the moment it seems that the market has survived the level of 4725 going below which it could have plunged further.

The rally for many would seem to be a breather but the fact is that the markets are still in the same arena where it was and clearly not out of the woods yet. A gradual upside can pull the markets up to a maximum of 5150 from where it doesn’t seem that there are any positive triggers present at all. On the lower side the worries with more apprehensions are evident and the immediate support seems to be 4750.

 Bell the Bull says: It seems the markets play a game of see saw every other time, with 6 days of trading sessions in the red it bounces back in the green.

 

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