The
market seems to have provided the much needed upturn as Navratri
celebrations begin. A smart recovery on Monday and a stellar rally on
Tuesday could be followed by a choppy day ahead of tomorrow’s F&O
expiry. The start is likely to be sluggish due to indecisive Asian
markets. US indices also closed off day’s highs. Multiple resistance
levels are placed in the zone of 4990-5030 and the rally can be
sustainable if the Nifty closes above 5030.
European
stocks continued to rally amid growing optimism about eurozone leaders’
efforts to prevent Greece from defaulting. The Greek parliament passed a
new property tax law as part of its austerity drive, sparking fresh
round of protests.
Votes
are expected in Germany, Finland, Estonia and Austria on whether or not
to ratify changes to the $600bn rescue fund. Overall, details about
Europe’s plan to contain the credit crisis are still sketchy and vague,
leaving ample scope for disappointment. So, betting too much on decisive
steps to nip the eurozone troubles in the bud could prove to be risky.
