081105 – 1346 Hrs

We saw yesterday that market tried to play with MFF levels and closed at 3142.10 as against mentioned resistance at 3140. We are seeing profit taking today, though the market opened gap up on Asian and US cues the gains were short lived and the selling came in.

This would continue to happen for some time as there are many people waiting to say bye bye to the market on rallies. Infact if one watches closely the index has rises more than 40% from the recent lows of around 2250 hence this small selling is nothing to worry about.

Obama has finally won and he is the focus world over now, he has made many political speeches which could be bad news for India we will have to wait and see what actually he delivers on ground. Who ever comes to power India has to deal with them with same conviction. (Congratulations poor Obama : www.MyIndiaTalks.blogspot.com )

It would be good and supportive for the market if Nifty can touch atleast 2800 before continuing any upmove in this way lot of volatility could be contained. MFF continues to watch for 12000 on Sensex before market top ups for the short term, but lets hope to visit 2800 on Nifty first.