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Ø Nifty reacted in morning trade but bounced back with a vengeance. Though it looks like the reaction is over, a confirmation is possible only when Nifty crosses 6284 ( the previous high). Nifty had taken support around 6000 (+/- 15 pts.) and we should wait for a few more sessions for a direction.
Ø Today's pre-open session almost resembled a mock session with stray quotes out of range esp. in scrips like HDFC, HDFC Bk. Axis and also Nifty CM. One hopes that normalcy would return in the coming sessions.
Ø Many scrips recommended by us touched the support levels and bounced up. Esp. ACC, Axis Bk., Bhushan Stl., Bank India, Alsthom Projects, ICICI, IDBI, Kotak, M&M and SAIL to name a few.
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