Market View

Another session marked with increased volatility with the indices depicted large intra-day movements. It was a positive start to the week with the benchmark index gaining 150 points in the opening minutes. However the journey was short lived as bears hammered the indices to wipe the early gains and take the indices into negative zone by 200 points.

A power packed rally had the indices help to gain back the positive momentum with R.Power leading the rally and moving above its issue price at Rs450 after its liberal bonus annoucement. NTPC , Reliance Energy, tata Power too rose on buying support. Cement sector made a smart rise in late trades with ACC & India Cement gaining by 4% each.

Markets rebounded sharply from lower levels with an allround participation. the indices gained almost 500 points from the day's low to close with a triple century gain of over 300 points at 17650. Nifty on the other hand closed at 5200 mark, up by 90 points. The reversal has been sharp with the BSE index gaining 500 points and Nifty almost 200 points from its lows.

Markets have cleared the short term hurdles at 5170-5175. Technically markets have generated a Buy Signal and could head towards 5350-5375 mark very soon. Expect a pre-budget rally and accumulate stocks of your choice. MEtals, power & Cement sectors look technically attractive for a rise.