The discussed and cited reasons was the 'optimism' of the market over the FM's statement (again!) of a 10% GDP growth . . . That's called - keeping the hope alive!
Well but can it not be one more instance of the 'age-old' reason of improved FII NAVs before they pack their bags for Christmas? Today's rally surely would help them a lot. . . (I wonder why we never have such rallies on Diwali day - when WE close our books)
Also one more thing which actually 'surprised' me today was the fact that while the stock markets rallied 3%, the USDINR was actually up 3p!!!!! This fact actually triggered in my mind, the theory of a FII engineered rally .
What we need to see is that whether this rise will be avble to break beyond 5200. The indicators are still negative and hence I shall not take an anticipatory opinion. Let prices ,as always, tell us what to do...
For tomorrow Nifty 5165-5175 range becomes crucial for intraday . Watch out
Happy trading!
CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.
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