Market Trend
Nifty has given a better than expected start in 2012 since investors focus has shifted from gloomy scenario of sovereign euro debt crisis to positive economic data of US economy. Nifty has given a spectacular performance, rallied from the low of 4588 to the high of 4899 in just 10 trading sessions!! My view on short term trend is bullish where markets can make a high of 5050-5100, with 5100 being the key resistance area. But the hindrance to the market rally could be weak quarterly earnings, depreciating rupee and any important news relating to Euro debt crisis. However S&P downgrade of 8 Eurozone countries (Thank god Germany was spared) will lead to consolidation of Nifty in next two or three sessions.
