Well the rally was quite nice. The Asian markets opened strong as the Euro Zone announced a near $1 trillion package for its Debt ridden member countries. This also saw the Euro make the speediest recovery in recent times : from 1.27 to 1.31 (almost).
But yet it would not be wrong to say that today's rise was a mere bounce back or corrective rise, led mainly through short covering.
Investors and those who have / had long positions may take this opportunity to exit.
The Nifty has strong resistance near to 5230 levels and an intraday support at 5170 for tomorrow.
Realty sector got a good boost today and may continue to outperform the indices in this week.
Happy trading...
CA Rajiv D Khatlawala
www.investogyan.com
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