SMI –26th August 2013 – Market View

Posted By : Kishore B.S

Hi friends,

The market continues it upward movement on back of short covering. Nifty is trading at 5520 levels. This rally has led Nifty from 5280 levels to 5520 levels, a gain of 240 points. So, the sustainability of the rally is a big question.

Rupee gained 1.35 points against dollar on Friday but today morning it has given up most of its gains, again trading above 64 levels. The market is rallying inspite of rupee woes as well as growth concerns. This is not a rally which should be bought into. The rally might come due to technicals and momentum but fundamentally everything remains weak.

Nifty is expected to be volatile as this week we have expiry. So, all trades should be initiated with caution.
Team SMI
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