Yesterday when the whole street was negative about the market we wrote "As long as the Nifty trades above 4850 it is good for the bulls. As informed earlier the 4850 mark acts as Lakshman Rekha for the bullishness. The market took a breather yesterday after strong advances for 5 consecutive days. Today it may start the upward journey or consolidate around the same level."
Yesterday, sensex rose a whopping 409.04 points to close at 16,849.60. Nifty rose 122.25 points and closed above the psychological mark of 5000. Nifty November 2009 futures were at 5,013.95, which is a tad above the spot closing of 5,003.95. Turnover in F&O segment jumped to Rs 86,963.91 crore from Rs 81,008.35 crore recorded on Tuesday. BSE clocked a turnover of Rs 5961 crore which was slightly lower than the Tuesdays turnover.
The market breadth was strong which was evident from the advance decline ratio which stood at 1.7:1 On BSE, 1718 shares advanced as compared with 1002 that declined. All the shares from the 30 share Sensex pack rose.
What to expect today?
US markets extended their gains and Dow closed at 10291.26 up by a modest 44.29 points. The market is poised to shot up to 5100 shortly. The market is turning to bullish sentiments (please check our earlier postings about 5 days back where we gave 5 reasons for the market bullishness) as FIIs bought equities worth a net Rs 861.84 crore and Domestic fund bought stocks worth a net Rs 90.52 crore. Incidentally the put call ratio too shot up to 1.71 which means the market players strongly believe that the market would go down. Whenever the put call ratio is very high the market moves up faster than expected. The next minor resistance is 5100 shortly. For the time being it is a one sided game for the bulls and bears are beaten brutally by the bulls in the last 6 trading days.
Yesterday, sensex rose a whopping 409.04 points to close at 16,849.60. Nifty rose 122.25 points and closed above the psychological mark of 5000. Nifty November 2009 futures were at 5,013.95, which is a tad above the spot closing of 5,003.95. Turnover in F&O segment jumped to Rs 86,963.91 crore from Rs 81,008.35 crore recorded on Tuesday. BSE clocked a turnover of Rs 5961 crore which was slightly lower than the Tuesdays turnover.
The market breadth was strong which was evident from the advance decline ratio which stood at 1.7:1 On BSE, 1718 shares advanced as compared with 1002 that declined. All the shares from the 30 share Sensex pack rose.
What to expect today?
US markets extended their gains and Dow closed at 10291.26 up by a modest 44.29 points. The market is poised to shot up to 5100 shortly. The market is turning to bullish sentiments (please check our earlier postings about 5 days back where we gave 5 reasons for the market bullishness) as FIIs bought equities worth a net Rs 861.84 crore and Domestic fund bought stocks worth a net Rs 90.52 crore. Incidentally the put call ratio too shot up to 1.71 which means the market players strongly believe that the market would go down. Whenever the put call ratio is very high the market moves up faster than expected. The next minor resistance is 5100 shortly. For the time being it is a one sided game for the bulls and bears are beaten brutally by the bulls in the last 6 trading days.
