The Indian markets gained for the third straight trading session on Thursday, extending the post Budget rally, with Auto and Capital Goods pacing the advance. Media reports of Libyan leader Col. Muammar Gaddafi and the president of the Arab League having agreed to a peace plan from Venezuela’s President Hugo Chavez helped to sustain the sentiment in the afternoon trade. A slight moderation in food inflation that declined by more than 1 percentage point to 10.39% for the week ended February 19 as against 11.49% in the previous week and 21.62% in the corresponding period a year ago also played a role in keeping the bulls cheerful.
FOR TODAY: Global cues are in favour. EU as well as US markets were closed in green. All Asian markets are trading higher. SGX Nifty is trading at 5588, 34 points up as of now (8.15 AM). All these indicators indicating that Nifty may open around 5589-5590 area and surely try to cross 5600. WATCH 5610 LEVEL. If nifty able to cross 5610 with volume and stays above it, a good rally may be seen upto 5625, 5650. 200 DMA is lying at 5651. On the other side, major support is around 5496 and then 5441 area.
ALWAYS TRADE WITH STOPLOSS.
