Buoyed by better-than-expected GDP readings for March 2009, the market saw good buying all through the day.Sensex ended 329 points up, wh...
Buoyed by better-than-expected GDP readings for March 2009, the market saw good buying all through the day.Sensex ended 329 points up, while Nifty 111 points higher.
Mid caps and small caps also ended the day on a strong note with the BSE MIDCAP and BSE SML CAP ending 2.46% and 3.01% higher respectively. Though the move in Nifty
has extended significantly, in the current scenario, the risk/reward is heavily tipped in the favour of bears. Also, Nifty is near a good resistance of 4509, where the probability of double top is very high. On the other hand,the daily momentum indicator KST has just turned positive with a positive crossover of the hourly averages. The market breadth was positive with 957 advances and 317 declines on the NSE.
The hourly momentum cycle is still positive. Our shortterm bias is down for the target of 3900 with trend reversal pegged at 4510. However, our mid-term bias is
up for the target of 4550 with trend reversal placed at 3700.
Buying was witnessed across almost all the counters with realty, capital goods and consumer durables remaining at forefront. However, stocks from healthcare sector were
at receiving end. From the 30 stocks of Sensex, ACC (up 9%), DLF (up 8%) and Jaiprakash Associates (up 8%) led the pack of gainers, while Sun pharmaceutical Industries (down 8%), Grasim Industries (down 4%) and Tata Power (down 2%) led the bunch of losers.
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