Wednesday, March 25, 2009

Market Update

S&P CNX Nifty 2984.35 +45.65(1.55%)
RIL 1532.20 +79.75(5.49%)

I mentioned earlier that Reliance Industries(RIL) which commands a significant weightage in Sensex/Nifty would drive/drag the markets further. Todays trade was interesting in this standpoint as Reliance closed 5.49% higher on the Nifty. This means a break of short term resistance of 1401 and 1451. Having broken the critical resistance levels, RIL would contribute to the rise of Sensex and Nifty. For Nifty, I suppose we may well break the resistance level of 3100 in the absense of any negative news.

Though it may sound bullish, I remain cautiously bearsish on both the Nifty and Sensex. Traders can certainly make use of market movements and capitalize on absence of global negatives. For investors, part-invest at these levels and choose your stocks with caution.

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