As mentioned in my last article which was posted yesterday, post trading hours, that the markets today can bounce back. Early this morning, SGX Nifty was trading higher at 75 points plus. Markets opened up with a gap. Markets continued to rally with some volatility, but finally closed higher by more that 500 points. Sensex closed higher at 15912 up by 507 points. Nifty closed up by 147 points at 4711 levels. Technically, Nifty have closed above its 100DMA. But could engulfed the yesterdays candel stick pattern. As the Nifty had closed below its major support of 4750 levels, tomorrows trading pattern will give further clear picture. Nifty is still in the hands of the Bears, todays rally may be just a small bounce back. Nifty should logically fall to 4450 levels.
Market volumes crossed Rs 95K Cr today. High Beta stocks perfomed well.
Rel capital have take good support at 200 DMA, BUY above 740 tgt 762. SL tgt 732.
State Bank have retraced from 23.60% from the low made in the month of Mar to the recent high.