Union Finance Minister Arun Jaitley speaks at a conference in the city, recently

The markets entered into a bull orbit. It hit a 16- month high, supported by domestic and foreigner investors. Then, heavy short covering above 8750, accentuated the speed of the rally. Nifty gained nearly 2.76 per cent, to close at 8809.65. GDP numbers which came out last week, were below street expectation at 7.1 per cent, earlier in Q4 March it was at 7.9 per cent. India’s Manufacturing PMI recovered sharply towards 52.6 in August from July’s reading of 51.8. Nifty has strong support at 8750 and 8670. Short term resistances for the Nifty are at 8900 and 9100.