As mentioned in my last blog that the Indian markets will have some correction in the future. On Monday markets opened in red and closed down nearly 250 points down. Global markets were flat on Tuesday. Indian markets opened in green, but in the early hours fell down to red zone. For most of the day the markets traded down, but the in late hours buying in the frontline stocks help lift the markets. Sensex closed at 16946 up 80 points Nifty closed at 5027 up 25 points. Nifty made in intraday low of 4921 levels. Nifty took support at the 20DMA. Again Nifty has taken support at the trendline. Markets may witness some bounce back from here but according to me the Nifty will again find it difficult to sustain above 5000 levels. FII buying in the Indian markets helped the yesterdays pull back rally. Volumes in the market crossed Rs.1L Cr.
Telecomm stocks had the bad day in the markets. Bharti Airtel fell down by almost 10%. Rcom & Idea too crashed. But buying were seen in the other frontline stocks.