Market snaps 3-day losing streak on hopes of RBI rate cut next year to support flagging economic growth and closed just above their psychological levels of 16,000 and 4800, respectively.
The BSE Sensex jumped 132.16 points or 0.83% to settle at 16,002.51, its highest closing level since 9 December 2011. The index surged 209.03 points at the day's high of 16,079.38 in late trade. The index declined 98.76 points at the day's low of 15,771.59 in early trade, its lowest level since 25 November 2011. The S&P CNX Nifty advanced 36 points or 0.76% to settle at 4800.60, its highest closing level since 9 December 2011. The Nifty hit a high of 4,824.70 in intraday trade. The index hit a low of 4,728.50 in intraday trade, its lowest level since 25 November 2011. The BSE mid-Cap index fell 0.58% and the BSE Small-Cap index declined 0.71%. Both these indices underperformed the Sensex.
The market breadth was negative. On BSE, 1,620 shares fell and 1,105 shares rose and a total of 123 shares were unchanged. From the 30-member Sensex pack, 24 stocks rose and the rest of them fell.
FOR TODAY: NIFTY MAY OPEN FLAT TO NEGATIVE BUT DURING THE DAY, IT WILL TRY TO MOVE YESTERDAY'S HIGH 4824.70 (NF=4839.70). WATCH 4800 LEVEL ON THE DOWNSIDE BREACHING NIFTY MAY HIT 4787/4764/4750 LEVEL. ON THE UPSIDE, IF NIFTY BREAKS YESTERDAY'S HIGH, IT MAY HIT 4840/4860 AND EVEN 4900 LEVEL. VOLATILITY WILL BE SEEN.
DISCLAIMER: I am holding one lot of 4800CE taken on Monday (now average cost price is 90)
