Just recently, we saw a major sell-off in the equity markets due to a weak monsoon, high inflation, poor quarterly numbers, July futures, option expiry and weak global cues. Last Thursday, we saw Nifty closing below its crucial support level at 5100 (200 Day Moving Average). But on the first day of August series, surprisingly, the market opened with a firm note on global cues and hit its major resistance at 5150.

TALKING MONEY: Athens, GREECE: International Monetary Fund (IMF) mission chief Poul Thomsen, European Union official Matthias Mors (r) and European Central Bank representative Klaus Masuch (l) after meeting with Greek Prime Minister Antoni Samara in Athens pics/AFP