Equities continued to gain momentum led by metals, banking and real estate stocks. According to reports, the government may announce its second stimulus package as early as Saturday.
Meanwhile, inflation for week ended December 20 has come in line with market expectations. It dipped to 6.38 per cent against previous week of 6.61 per cent.
Nifty continues to see strong hurdle around levels of 3000 with support far lower at 2820 levels. Any move above 3000 levels will see indices moving closer towards levels of 3040~3060 range. Short-term hurdle for Nifty on daily chart is pegged around levels of 3040, which coincides with 50 day EMA. Any sustained close above this level may bring in fresh up move once again towards acid-test range of 3150~3200 levels for Nifty. Traders are advised to follow strict stop loss on all their trades
Thursday, January 1, 2009
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