MARKET CLOSING

BSE SENSEX retraced back today in view of the impending Inflation data. Profit booking after six days of continuous rise was obvious.
Just now, the inflation data came to be at 11.87; tad lower than the previous 11.91. These are still high figures but stability at this level for the last couple of weeks would help RBI to be a little accommodating. RELIANCE quarterly result was good and on expected lines –but no fireworks! How the results would impact markets is yet to be seen.
To see the market direction, keep a watch on our levels given for RELIANCE, SBI and INFOSYS –the bellwether stocks. Our weekly outlook is still very relevant. Keep a watch.

In fact, Nifty and Sensex reversed from the technically significant levels. Today’s high was 15134(Nifty 4540) and low was 14614(Nifty 4386). So, tomorrow, a close above this high or below this low would determine next week’s direction.