Today, one may be used to going to sleep after hearing a story. But the bulls seemed to have woken up after a shot nap on Monday with the PM confidently starting his story titled ‘India can get back to 9% GDP rate’. One story leads to another and the bulls are likely to hold sway on the bourses today as well, given the firm trend across Asian markets. US stocks ended mixed, with only the Nasdaq managing a small gain. European stock benchmarks also struggled for direction.
Back home, the broader market has witnessed some long-overdue easing in the past couple of days. Shares of several obscure companies with dodgy background had soared to astronomical levels. This is true not just for the Indian market but also overseas ones, sparking some concern about the sudden spurt in irrational exuberance.
After staging a thumping return on the bourses, the bulls will look to build don to their upswing provided the global markets support. However, one must not forget that most of the anticipated recovery has already been discounted; this reduces the scope for a huge further rally though the bias remains positive. Technically speaking, the Nifty could face crucial resistance at 4620-50 levels. Whereas, on the lower side, Nifty could get support at around 4375-4365 levels.
