Call it window dressing, short-covering or anything you like; the indices which struggled for some time post the Budget, is now steadily moving up. The Nifty now looks set to conquer its previous 52-week high of 5311 shortly, unless something untoward takes place in the interim.
Today we expect a positive opening with markets in the US and Europe hitting new 2010 peaks. Asian markets though are mixed and relatively subdued. Hopefully, that shouldn’t deter the bulls here in India.
In the event of a fresh fall, the Nifty may find support near 5200. One big challenge will be to sustain above 5300 amid growing concerns over stubbornly high inflation and an impending rate hike.
