Markets opened up marginally lower, but within an hours time bounced back. For most of the day markets remained in the positive zone. Nifty this time gave a breakout above the 4800 mark, but failed to close above the same, as the volumes were dry in the mkt as compared to yesterday. Nifty closed with positive gains up 32.25 points at 4792.65. Sensex rosed above 16000 mark. Sensex gained more than 100 points to close 16042. Short covering in the IT stocks were seen. But Nifty once again faced resistance at 4800 levels.
Technically speaking the last 3 days trading pattern in the Nifty chart has been within the Intrady day that was made on the 05th Feb 2010, when the markets closed dowb below 4800 mark after almost 3 months. Nifty yesterday almost took support at its 200DMA. Cross over of 4800 mark with decisive volumes have to be there, for the markets to trend upside.