In the last few trading session the Nifty is trading between 2525-2650 levels. It seems the Nifty is finding good support near 2525-2500 levels and facing stiff resistance at 2650 levels. There is a good news on the part of the inflation. Inflation for the week ended 28Feb came in at 2.43% v/s 3.03% week on week basis. Is is the lowest since June 2002. The January Index of Industrial Production (IIP) number has come in at -0.5% versus -0.6% in December 2008. The December figure of -2.2% has now been revised to -0.6%. The year-on-year comparison: the January 2008 figure stood at 6.18%.Gold is finding resistance at $913 per onnuce. Few trading session close below $913 can slide into some correction mode. Markets opened firmed on back of good American markets. Asian markets also rallied yesterday and opened slightly up in the opening session. Nifty closed higher 1.72% at 2602 after making a high of 2646. Bse Sensex was up nearly 2.25% to close at 8343 levels. BSE Bankex was up nearly 3.50%. SBI, ICICI Bank, Axis, PNB lead the rally. Major of the frontliners were up nearly 1.5% to 2%. Bharti Airtel did not contribute to the rally as there was news that CEO Manoj Kohli has sold part of his holding. Stock tumbled down around 6.5%. We will some pull back tommorrow.
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