The Sensex today surged
by 414 points to 27,730 and nifty up by 1.4 % at 8355 made high of 8374 on Monday.
The bulls would continue to be on the driver’s seat. Despite the US market
closing a little more than half a percentage point down, the Asian markets are
quite firm this morning, and it augurs well for the uptrend here and naturally
for the bulls. On the way up, it needs to clear a strong supply zone between
8246 and 8280. Once this range is taken out the index would head for the next
important target of 8350 – 8480. In case, there were to be profit taking led
selling, below the 8195-level, the next range to watch out for is located
between 8171 and 8130.
The only problem for the bulls is the huge number of put addition for the 8200-strike on last Friday—over 2 million units. In case there is any high volume based selling below 8195, it would have a cascading effect on those late cavalier bulls who sold put options like swashbucklers might have rue that stance then. In any case, so long as the 8130-mark holds, the bulls can always a comeback.
Sensex surges 414 pts
on monsoon relief; Rising for the seventh straight session, the Sensex today surged by 414
points to 27,730 on rally in realty and banks shares as above normal monsoon
reignited hopes of an RBI rate-cut. In last
seven sessions, the index has gained 1,359 points, its longest winning run
since February. The banks
rose 2.54 per cent marking its biggest daily gain since May 13.Among sectoral
indices, realty rose the most by surging 5.05 per cent, followed by bankex 2.62
per cent, consumer durables 2.42 per cent, IT 1.86 per cent, power 1.67 per
cent, FMCG 1.39 per cent, metal 1.13 per cent and auto 1 per cent.The only problem for the bulls is the huge number of put addition for the 8200-strike on last Friday—over 2 million units. In case there is any high volume based selling below 8195, it would have a cascading effect on those late cavalier bulls who sold put options like swashbucklers might have rue that stance then. In any case, so long as the 8130-mark holds, the bulls can always a comeback.
TOP
GAINERS AND LOSERS ARE:
Nifty top
gainers:- M&M 3.84%, Bank of
baroda 2.63%, Maruti 2.25%, NMDC 2.25%, ONGC 2.17%, VEDL 2.17%, PNB 1.98%,
Kotak bank 1.96%, HDFC 1.96%, Ambuja Cements 1.91%.
Nifty top
losers:- Tata motors 2.64%, ZEEL
1.89%, Tata power 1.23%, Sun Pharma 1.14%, Power Grid 1.06%, Gail 0.99%, BHEL
0.68%, Infosys 0.49%, NTPC 0.15%.
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