SMI –5th September 2013 – Market View

Posted By : Kishore B.S

Hi Friends,

The Indian markets welcomed the new RBI Governor Raghuram with a bang. Nifty showed a gap up opening above 5550 levels. In early part of trade it touched 5620 levels but then cooled down to 5580 levels. The gain is still remarkable.

Rupee also gained against dollar. The sentiments have turned positive with the new Governor taking over. The reforms and the guidelines issued by him has brought a new cheer in the market.

For the icing on the cake, Dow was also up 100 points yesterday. This added strength to the rally. Today also US and European futures are showing a positive tick.

As of now the momentum is on the upside. Nifty is at a crucial resistance of 5600. If it can sustain such levels for a day or two, a further rally of 150-200 points in Nifty is expected.

Cheers!!

Team SMI

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