Nifty opened with a small upside gap and thereafter rallied strongly to close at 6043 levels i.e. +72 points from the previous closing. I would like to highlight that yesterday I have recommended buying Nifty for a target of 6045 and Tuesday’s high is 6050 i.e. Target met in one trading day.

Nifty is trading with positive bias and is likely to consolidate either before or after cracking 6100 levels on the upside. To me probability of Nifty consolidating before cracking 6100 levels appears high. I would suggest buying on declines and clearly abstaining from initiating any sell side positions in the market as to me Nifty appears to be in a hurry to test highs of around 6300 levels made around August 2010.

Warm Regards
Rakesh Bansal
Vice President
R K Global