Yes, the major resistance is a close above 5330 which would lead to a further rally otherwise the market will struggle till the time it crosses this!!

Nifty is facing the same question as the rest of the global market is facing - the crucial labour market figures that are due out in the U.S tomorrow morning their time. Inspite of the Consumer Index showing a good improvement, it was neutralised by the Private Employment figures which showed a decline of 23000 where it was expected to be addition of 40000 jobs. The Chicago Manufacturing Index also surprisingly showed a steep decline. It appears that most of these figures are cooked up because U.S market recoved the entire fall within two hours, to close lower later.

The Friday figures are being bandied about as highly optimistic. Then of course, no one knows what the Manufacturing data for March is going to pop up with. The point is, global markets will hang on to the direction of U.S markets. Because, having run upto this level, one wants renewed impetus. Of course, we have our own results. But you have to remember that, stocks don't go up after results but it moves substantially ...more