Markets opened up strong. Had volatile markets in the early hours. Then moved in the upper side. Nifty once again crossed the 4440 levels. Yesterday Nifty closed down below 4400 levels, well below its support of 4440 levels, but the very next day it bounced back sharply to close at 4456 up by 69 points. Nifty made a high of 4491. Sensex closed up 250 points at 15035. US markets closed down. Asian markets were flat in the morning. Shanghai gained almost 1.5%. Europe markets too opened up strong. Buying in the frontline Banking, Infra and metals stocks.
Nifty has once again closed above the 4440 levels. But have closed below the trendline. We have witnessed in the past too that below 4440 levels in Nifty and 15000 in Sensex normally triggers a buy mode, that helps the markets to rise sharply.
As stated in my earlier report that, if the 2nd day close below 4440 levels can trigger Nifty to touch 4250 levels, but for temporary that sell off if stopped. We might see some pull back. But 4440 levels still remains a major support levels.