The BSE Sensex jumped 350.37 points or 2.22% to settle at 16,165.09, its highest closing level since 9 December 2011. The index jumped 366.25 points at the day's high of 16,180.97 in late trade. The index gained 83.60 points at the day's low of 15,898.32 in early trade. The S&P CNX Nifty jumped 106.75 points or 2.25% to settle at 4,849.55, its highest closing level since 9 December 2011. The index hit a high of 4,855.90 and a low of 4,768.25 in intraday trade. The BSE Mid-Cap index rose 2.24% and the BSE Small-Cap index gained 2.63%. Both these indices outperformed the Sensex.
The market breadth was quite strong. On BSE, 2,152 shares rose and 681 shares fell and a total of 95 shares were unchanged. From 30-member Sensex pack, 28 shares gained and two of them fell.
FOR TODAY: Nifty surpassed the 4820/4840 i.e., the upper level of the channel with volume. To continue its upmove, Nifty has to move above 4860 and stay there. If Nifty able to stay above 4860, a short-term uptrend will be seen. In that case, target will be 4900 and thereafter, 5000 (the highest OI). On the downside, 4700 will act as a strong support now.
AS OF NOW, SGX NIFTY IS TRADING AROUND 4890 THAT INDICATES NIFTY MAY EASILY MOVE ABOVE 4860 WITH A GAP-UP OPENING. HOWEVER, AT HIGHER LEVEL, ANY TRADE WITH CAUTION WILL BE APPRECIATED.
DISCLAIMER: NO HOLDING
