Surprise recovery on global cues & short covering

Nifty today (27-5-09)opened well above the Agni level (4171)and stayed up to 2.24 p.m in the range 4190 to 4235. The said level is more than 70 points above the yesterday closing of 4117. 200 points surge in DOW (at that time itself Singapore Nifty traded at 8250)& more than 800 points gain in Hang Seng pushed Nifty up to cover all the yesterday's losses. After 2.25 p.m. Nifty broke the earlier highs and swiftly moved upwards to 4286 and closed at 4276. This last one hour up move may be due to short covering, as tomorrow is the settlement day for the current month.