Its been a great pull back in the Indian markets. Yesterdays 'DOJI' pattern in the Nifty chart, had already given some confirmation about the temporary stop and some rally in the markets. And the same was mentioned in my last article. Todays candle stick pattern in an 'Bullish Engulfing pattern' that has absorbed the last 3 days pattern. Global markets too helped the Indian markets gain more than 3%. US markets up nearly 2%. Asian markets too opened up strong. Indian markets opened up strong remained in the positive day for the rest of the day. Nifty closed above 4100 levels. but the rally was not that smooth. In the initial trades, Nifty faced stiff resistance at 4080 levels. but latter we saw a decisive breakout was seen in the markets with good volumes. But Nifty closed below the resistance levels of 4140 levels. Nifty at the higher levels will face resistace at 4205. I had given sell call on Hero honda, Sell below 1395, it did touch the low of 1377 in BSE, but recovered again as the mkts too surged sharply.
Nifty closed at 4111.4 up by 3.46% or 137 points, after making a intraday high of 4128.9 and low of 3974. Sensex closed up by 453 or 3.38% at 13853.7. Short covering mainly in the frontline stocks helped the markets gain some points. Fresh buying in RIL, INFOSYs, SBI and many forntline stocks were seen.
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