==>> Nifty once again closed above 4500 levels

Indian markets witnessed a superb recovery from its 2 days downward movement. Nifty finally closed above its resistance level of 4500. Genuine buying in the frontline stocks helped the markets to surged nearly 3%. Its been a results week, Strong numbers shown by most of the companies too helped the markets to revive very soon.
Nifty shot up to make a high of 4532 up 129 points or 2.84%, and settled at 4528. Sensex surged 2.60% to close at 15231 up by 388 points. Bears tried to create short position in the markets in the past 2 days, but lost their control over the same in front of the bulls. There were short coverings in the markets that too lead bulls take the control. Nifty had taken good support at the trendline, and closed above the recent close at high on 20th July 2009. That may prove to be good for the markets. Nifty in the momentum can go upto 4550-4583-4637.
Volumes for the day again remained above 1 Lakh Cr. Before the markets opened I had given call on RIL Ind to buy above 1975, but unfortunately the stocks opened in green and made a low of 1990 and closed at 2038.