==>> Indian Markets outperformed the Global Markets

Indices in the opening session tanked. Sensex made a low of 14621, and Nifty made a low of 4405. US markets were down by almost 2.5%. Asian markets were are also. Before the tradding commenced in the Indian markes, SGN Nifty was down by almost 98 points, but immediately after the Indian markets opened, in the inital trades the Sensex and the Nifty were down by 1.50% -2% but regained its strength & recovered smartly. In the initial trading hours almost all the frontline stocks were down, but some buying helped the Indices pull back. Ril continued to feel the heat from the FII, the DII and the traders. RIL counter saw some good buying in the mid session but in the end the stock started to tumble down. Due to which, the Sensex slipped to only + points 35, from the high of +150 points. Indian markets had already seen the correction in the last 3 days, so the type of correction in the Global markets was rulled out.

Mid caps shares saw some interest. Major of the mid caps which were down almost 5% , in the end were seen locked in the upper circuit. In the last 3 days we have seen Nifty falling from the high of 4688 to 4405 levels. Nifty has taken gud support at the 20DMA. In the last few weeks i have mentioned that the markets will see some correction and the seller at the higher levels will be beneficial. The person who had sold at teh levels of 4600-4650 levels also might have got the trading opportunity again. I have not turned bullish on the markets, but it seems that the movement above 4550 can again take the Nifty to its recent top, but if 4550 levels is not crossed then the markets can come down again. Carrying forward their position too much will not be suggested. Nifty resistance levels at 4553, the close above that only will decide the trend. Yesterday I had given a call on Rel Capital at 948, it had made a high of 1008 in the NSE.