We might not see any major reaction to global events today, just like the street responded over the last two months. But one should clearly note the current rally is purely
driven by cheap dollars. The depth of European crisis is not known while US economic data is mixed and clearly indicates a slide. Next week's RBI policy (16th Sept) meeting is the final hope for bears or this rally might have legs to run. Better safe than sorry.
Cement counters have witnessed huge momentum in yesterday's trade. Keep an eye on power and second run IT space to receive the baton from cement counters.
For today we do not see a major down move in Nifty with side counters doing well