Sensex today rose by 147 points to again rally past 28,000-mark, largely
driven by gains in banking and capital goods stocks on renewed buying interest
by foreign investors and higher government spending. Nifty surged
40 points or 0.47 per cent to close at 8,484 after hovering between 8,497 and
8424 during the session. sensex After a hesitant start, it recouped the
28,000-mark to hit the day's high of 28,135. before settling at 28,092., showing
a recovery of 147 points or 0.53 per cent. The Indian stock market rose on Friday, despite the
global weakness seen other Asian markets. nifty index was nearly touch a
psychological levels of 8,500 made high of 8496 and the support by banking and
pharmaceutical stocks. Very narrow range bound activity marked the action of the
last trading session so far as the index movement is concerned. We need a break
out above this zone or a breakdown below this zone for a directional move. In
the event of market getting past firmly above 8480 then we can expect at least
a test of 8526 or even higher if not close to or around the 8600-zone. On the
downside, unless the index falls decisively below 8418 level there would be no
major threat as such or any vulnerability. Below 8418, the level to watch out
for would be located at 8356. A breakdown below 8456 on high volume activity
would mean much lower levels to come.
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