Friday, October 28, 2011


Nifty has closed above its strong resistance level on Wednesday in a special session of Muhurt trading. Thursday was the holyday of Indian markets while U.S. and European markets gained almost 3% - 5% after the bailout package has been announced of around $1.4 trillion by the private bonds holders of Greek debit and recapitalizes European banks. Euro jumps a huge one day gain after March 2009. Asian markets are also gaining in early morning .Singapore Nifty is trading at 5447 level around 206 points up closing of Indian market .Nifty has 200-day moving average on 5410 level in daily charts. Closing above the 5410 level will sustain uptrend in Nifty. Auto and IT sectors may outperform in this rally. Profit booking may come on higher levels. Avoid short sell in Nifty now.