Markets which were oversold last week took a breather yesterday by opening in positive and with the announcement of Repo Rate cut the Sensex zoomed & gained nearly 500 points at one point of time , A sudden selling in markets brought down the markets and closed in green with a final gain of nearly 250 points.
US markets opened in positive & traded above the 9000 figure mark with the hope of another fiscal stimulus which was backed by Ben Bernanke . DOW gained 4.7% by the end of close
With positive US markets , Asian markets are trading in green with maximum indices are in northward direction and are above 2%.Crude oil rose for a third day on signs that the Organization of Petroleum Exporting Countries will reduce production to halt a 50 percent drop in prices since July. Crude oil for November delivery rose $2.40 to settle at $74.25 a barrel.
With positive closing yesterday Indian markets may open in green and in positive , expect a positive trade today as the global sentiment looking good and with repo rate cut may add positive sentiment today with couldnt be capitalised yesterday.
We advice members to go long as the markets looks over done and over sold and this is the time to buy as we expect 250-300 points gain in NIFTY from here on till the expiry , we see reality , IT and banking to perform in todays trade and banking as a whole can be viewed specially PSU's for short term.
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