Market summary 12jan2011.
Today's rally of 300 pts in the Sensex is good but it will face a lot of resisatanes on the way.
It fell from 20400 levels to 19k levels in no time thus this short covering rally plus some positive buying by the FIIs is a good sign. Let's hope for the good ; but there lies a huge resistance @ 19750-20050 range.This fall provided a much needed opportunity to Longterm investors who have great belief in India story. A lot of leveraged and FnO operators have again burnt their hands. Until now weekly sensex structure suggesting a bullish consolidation ( unless 18500 is not breached on the ownside) .
