==>> Rupee depreciates against Dollar

Markets opened with a positive gain. Nifty surged to make a high of 4398.8, faced resistance at 4400 levels. For most of the day bulls had the control over the mkt. Sensex remained around +200 points for most of the day, but in the closing session bears took the front seat, and took the control of the mkts. Nifty tanked to touch the negative zone, but some how managed to close above the previous close. Nifty gained around 8 points and Sensex closed above 45 pionts. Volumes have dropped down significantly. Rupee hit the low of 44 per dollar.

The candle stick pattern " Inverted hammer" that is being made on the Nifty chart suggests that there can be some more correction left in the market, but the clear trend will be known today. Downtrend is logical in this scenario as the Rupee is depreciating and the inflation is hitting 13 year high.