NIFTY BULLS pull rug from below the BEAR’s feet, closes above the psychological 10000 mark. Bellwether RELIANCE comes to fore…
* The NIFTY opened GAP-UP @ 10011.20, up by around 27 points over Wednesday. Initially what seemed to be a continuation of the drift of earlier day, the NIFTY marginally moved below par in opening half an hour. What ensued thereafter was a clean HIGHER TOP, HIGHER BOTTOM formation all through the day. Maintaining above 10000, the NIFTY moves step by step to 10050 & 10100 mark, before closing @ 10096.40 UP by 111.60 points or 1.12%.
* The broader indices moved in tandem with the benchmark NIFTY. While the NIFTY MID100 FREE closed UP by 1.10% to close @ 18683.30; the NIFTY SML100 FREE closed UP by 1.18% to close @ 7940.30. The broader move also indicated a clear BULL tranche, with 1248 advances to 496 declines. The INDIA VIX once again reversed trade over the day as it shot DOWN by good 5.86% to close @ 11.04 mark.
* Once again a reverse of earlier day, the sectoral & thematic indices traded in the GREEN, with the only exception being NIFTY PSU BANKS, which closed DOWN almost flat (-0.05%). The BULL packed the dynamites through NIFTY METALS & NIFTY ENERGY that moved UP almost 2 percent each.
* The NIFTY seems to be on a FLUID path & reversing directions every other day. The market is back to advantage BULLS after it was advantage BEARS the earlier day. The dynamics of the market still hang in fine balance and we are back above the 10000 mark, in fact above the earlier day’s HIGHS after 2 consecutive DOJI candles these week. This opens UP the gates for a further short covering to the all times HIGHS or probably beyond it. The support still comes around 9920 levels, last week average traded price on the Futures side. It’s time to be CAUTIOUS & not to pre-empt any move.
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