Inflation figures lifts up Nifty

Nifty today(18-12-08)moved downwards as expected up to 11.00 a.m and touched the low of 2923. Soon after the release of latest inflation figures(6.84)it changed its direction and steadily moved up and closed at 3061 regaining all the losses of yesterday. Thus, Nifty may continue its upward journey a little more, reversing the indication given yesterday. As expiry of F&O positions for the December series are near by and the usual practice of Mutual Funds to jack up the prices of equities at the end of the year (31st December)to show better performances, high volatility is expected. Trade with caution.