SMI –10th September 2013 – Market View

Posted By : Kishore B.S

Hi Friends,

Nifty had a gap up opening today testing 5800 levels. Since the commencement of Raghuram Rajan Nifty has rallied from 5330 levels to 5800 levels in a week or so. The momentum is hugely on the upside.

US markets rallied with Dow up 140 points. This further added fuel to the fire strengthening the rallies in Indian markets. With the Syria fears cooling down, the global scenario looks stable. The only worrying sign is the tapering of QE but that will come in the later part of the month. Till then the global economy looks stable.

Rupee has recovered remarkably from 69 levels against dollar. It is trading around 64.3 levels against dollar. Such a recovery and Mr. Raghuram Rajan have turned the tides for the Indian markets. Nifty is trading at its 200 day EMA which is around 5800 levels. If Nifty can close above it the possibility of 6000 levels can’t be ruled out.

Cheers!!

Team SMI

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