Money Tree

The markets have turned around and NIFTY has crossed 4200 level on account of heavy buying in last one hour in NIFTY futures, bringing the NIFTY discount to almost zero. Some short covering is also seen and if the NIFTY closes above 4220 levels today we might resume the uptrend once again to make new highs. The markets opened flat in the morning and then drifted down in the red for some time and then after 2 p.m. again started rallying to cross 4200 levels. The advance decline ratio has also turned positive with 640 advancing stocks to 458 declining.

The major NIFTY pullers are SBI up almost 4 percent at Rs. 1371, PNB up about 3.25 percent at Rs. 505, Tata Motors up about 3 percent at Rs.664, Tata Steel up almost 3.75 percent at Rs. 611, Reliance Industries up more than 3 percent at Rs. 1725, Reliance Communications up about 3 percent at Rs. 504 and ICICI Bank up almost 3 percent at Rs. 945.