Sentiment was most depressed today morning due to following reasons:-
1- Below expectation ONGC and SBI quarterly results yesterday.
2- Indian Rupee weakened 33 Paise within first 12 minutes ie 09:12 AM(before the opening of Indian Stock markets).
3- Most disappointing IIP numbers after the closing of Indian markets yesterday.
As US and European markets closed flat after good recovery from lower levels yesterday and all the Asian markets were positive as well as some Asian markets were trading with very good gains therefore strong recovery from lower levels was seen today. Certainly surprising rally today after ignoring most negative local cues and now Nifty is trading just below next resistance range(5680-5720),now sustaining beyond this range should be watched for next Intermediate Term Trend confirmations.
1- Below expectation ONGC and SBI quarterly results yesterday.
2- Indian Rupee weakened 33 Paise within first 12 minutes ie 09:12 AM(before the opening of Indian Stock markets).
3- Most disappointing IIP numbers after the closing of Indian markets yesterday.
As US and European markets closed flat after good recovery from lower levels yesterday and all the Asian markets were positive as well as some Asian markets were trading with very good gains therefore strong recovery from lower levels was seen today. Certainly surprising rally today after ignoring most negative local cues and now Nifty is trading just below next resistance range(5680-5720),now sustaining beyond this range should be watched for next Intermediate Term Trend confirmations.