Market may recover as Cyprus has rejected the new proposed tax

Market may recover as Cyprus has rejected the new proposed tax

Today one can expect a good move in Nifty and Sensex after a good sell of on Tuesday. The whole day there were a lot of activities on political front and the outcome is clear that the Government has no fear of stability and Mulayam's Samajwadi party has come up to save the UPA Government. Also the Cyprus problem is also seemed to be resolved partly. The parliament of Cyprus has rejected the new proposed tax on bank deposit. 

These were the two important events which dragged the market in last two days and the market has come to a point where it should be bought and earlier the markets has seen a good recovery in these levels. So again the market is ready to a good pull back and short covering can take the Nifty to 5800 levels soon. Once 5800 is reached, and how the things are, the next move of Nifty will be decided.