THE LARGE UPMOVE HAS COME, NIFTY 2950 TARGET REACHED !!!!

It was a spectacular session for the benchmark indices on the back of huge buying in oil & gas, metal and banking stocks. Strong global cues helped the Nifty to close the day above 2900 mark, important psychological level while the Sensex shut shop above 9400 level. Today's surge in the markets was on the back of strong volumes.

There was news that the White House is expected to announce bank bailout plan today, which was the reason that helped all global markets to post good gains. Long only funds were buyers across the Asia today. Incremental flows were positive on good volumes while there was a lack of selling pressure at FII desk.

The 30-share BSE Sensex touched an intraday high of 9,454.69, before closing the day at 9,424.02, up 5.1% or 457.34 points. The 50-share NSE Nifty surged 4.73% or 132.85 points, to settle at 2,939.90, after hitting a high of 2949.75. All sectoral indices finished in the green.

The targets mentioned in the previous blog of 2950-2970 has been reached,Nifty made a high of exactly 2950 today.The large upmove i was mentioning has begun.If nifty sustains above 2970 then its headed for 3050 plus.I remain extremely positive on the markets.Enjoy this rally.