NIFTY closed 1.82% higher at 4529.70. A lot of midcap and small cap stocks were in good demand and over all breadth was positive.
The 5 week RSI is overbought and we may see profit booking from higher level by tomorrow afternoon or day after tomorrow’s opening session. We had seen sign of fatigue in banking stocks, this can happen to many other sectors too.
Today Shree Cement came out with its export numbers. It was quite impressive. FIIs has purchased nearly 20,000 crore US Dollar worth securities in the month of May. The inflow can be much bigger because the manufacturing sector growth shows steady growth. The Markit Purchasing Managers Index (survey based on 500 companies) shows a growth of 55.7%, it was around 44.4% on dec.2008, suggesting economic growth.
