The market had a bull’s day out today with all the major stocks soaring highs in the day. BSE SENSEX surged 353 points and closed at 17099. NSE NIFTY closed the day with a gain of 108 points at 5150. The rally was as per some expectations by us in the last week with the NIFTY touching the 5150 levels. The next level which is expected to be reached this week is 5200. The rally surely showed the increasing confidence of the investors within the markets but experts still view it as a market dependent on reactions of the global cues. Unless a very bad news comes into picture the market is set to revolve around 4850 to 5350 levels.
The earnings figures are slated to roll out this month for the last quarter and it is expected that it would be a dull and a sober performance from many companies over the index. Expectations on the F& O predict that the resistence level of 5190-5220 is pretty vital and it would be difficult to break these levels for NIFTY.
If the NIFTY breaks the above levels and is able to sustain it a short covering rally can very well be expected from the markets. This could lead the NIFTY further to the levels of 5300 or may be 5350. In case the NIFTY trades within the level of 200 up and down for the resistance level 5200 it can be expected that it could perform better to cross the significant 5200 levels.
Bell the Bull says: A significant impact can be witnessed over the week with the Markets beginning the week in a rallying mood