24 march 2009...

overseas and domestic investors speculated the Obama administration’s plan to rid banks of toxic assets will spur the growth and stock mkts globally witnessed a huge rally. earlier reported job loss claims had also fallen, whether some turnaround is happening or just a relief rally extending.

technically huge positive div on indicators on s&p and dow are working for the rally. and yday as the support trendline on nifty did'nt brk, and asian and other mkts were strongly positive, this pushed the momentum of nifty and stocks further, so instead of profit booking near channel top, a big brkout occurred out of the short term trading range, nse eod data shows buying in cash(prov.) by both fii and dii and huge 10% short covering in nifty futures current series, 2868 taken out effortlessly once 2836 crossed, how much more to go next lvls are 2970/2989/3020 etc but best is to align with the uptrend and keep some suitable tsl for booking profits and a sl for existing long positions such as 2day low. discl:i traded profitably in banks stocks in cash in this upmove from 2600.