SMI –2nd September 2013 – Market View

Posted By : Kishore B.S

Hi friends,

The markets are trading firm today with Nifty around 5520 levels. The momentum is surely on the upside. The trade data from china has shown some signs of reversal in the economy which has given a positive tick to the Asian markets.

The market is in an oversold region. So, further rally is not ruled out. The petrol and diesel hike has led to a rally in the oil and gas stocks. The bank nifty is also showing strength with majority of the stocks bouncing back.

European and US futures are pointing to a 1% gain. So, more support is expected from that side. However, Nifty has huge resistance around 5550. So,  any new long should be initiated with caution.

Cheers!!

Team SMI

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