The Bombay Stock Exchange's Sensex continued to remain on firm foot as sentiments turned bullish on hopes of rate cut by the Reserve Bank of India at its policy review meet and inflows from foreign institutional investors. Analysts are advising to trade with positive bias in selective large-cap and mid-cap counters.
The narrow range body formation on the daily chart suggests indecisiveness prevailing at current level. Hence if Nifty trades convincingly above 5332 level then it has potential to test 5390 - 5420 level.
On the flip side, since the hourly are in an overbought zone a pull back to 5285 - 5256 - 5233 levels cannot be ruled out. Traders are advised to trade with positive bias in selective large-cap and mid-cap counters," said Arihant Capital Market report.
At 11:35 am; Sensex was at 17624.47, up 146.32 points or 0.84 per cent. It touched intraday high of 17652.72 and low of 17570.27.
The National Stock Exchange's Nifty was at 5365.80, up 47.90 points or 0.90 per cent. The broader index touched a high of 5374 and low of 5344.45 in trade so far.
BSE Midcap Index was up 0.97 per cent and BSE Smallcap Index moved up 1.22 per cent.
Market breadth was positive on the BSE with 1604 gainers against 815 losers.
As per the provisional data, foreign institutional investors bought equities worth Rs 245.94 crore on 2 April 2012.
The narrow range body formation on the daily chart suggests indecisiveness prevailing at current level. Hence if Nifty trades convincingly above 5332 level then it has potential to test 5390 - 5420 level.
On the flip side, since the hourly are in an overbought zone a pull back to 5285 - 5256 - 5233 levels cannot be ruled out. Traders are advised to trade with positive bias in selective large-cap and mid-cap counters," said Arihant Capital Market report.
At 11:35 am; Sensex was at 17624.47, up 146.32 points or 0.84 per cent. It touched intraday high of 17652.72 and low of 17570.27.
The National Stock Exchange's Nifty was at 5365.80, up 47.90 points or 0.90 per cent. The broader index touched a high of 5374 and low of 5344.45 in trade so far.
BSE Midcap Index was up 0.97 per cent and BSE Smallcap Index moved up 1.22 per cent.
Market breadth was positive on the BSE with 1604 gainers against 815 losers.
As per the provisional data, foreign institutional investors bought equities worth Rs 245.94 crore on 2 April 2012.
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