A simple lowering of corporate tax rates when the markets and sentiments were at the lowest ebb triggered the biggest intraday rally of the decade.
Most market participants were caught off-guard and the simplest thing for them was to cover their shorts.
While the markets are saved (for the time being) from the earlier targets of 35636/10659 & 35400/10500, the levels of 38400/11382 are formidable resistances to surmount for now. Expect some volatile consolidation around the current levels before the market makes the next move. Do not jump into the bull-wagon right away. Monday's move will set the near term trend for the markets.
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