Dalal Street closed at day`s high today, as Indian equities witnessed a magnificent rally aided by strong global cues, persistent buying seen in heavyweights like Reliance Industries, ICICI Bank and Infosys.
At the close, the benchmark 30-share index, BSE Sensex gained 338.62 points or 1.86% at 18,560.05 with 26 components posting rise. Meanwhile, the broad based NSE Nifty went up by 97.55 or 1.78% at 5,576.95 with 43 components posting rise.
Reliance Industries contributed rise of 67.3 points in the Sensex. It was followed by I C I C I Bank (53.76 points), Infosys Technologies (37.67 points), State Bank Of India (32.52 points) and Tata Steel (27.57 points).
While the mood was upbeat due to strong performances of stock markets globally, Indian Government’s decision to drop the idea of taxing long-term capital gains in the New Direct Tax Bill also boosted the sentiment. The Indian market on Monday opened higher as the better than expected employment data for August from US reduced the fear of a double-dip recession, leading to a rally to most of the global markets.
FOR TODAY: Nifty crossed the strong resistance around 5545-5550 easily without a pause and made a 31 months high. So obviously, the earlier resistance like 5545/5515 will act as support onwards. On the upside, the followup action happens today also, we may see Nifty around 5600/5640.
Asian markets are trading mix and mostly in RED. Though European markets ended in GREEN yesterday, but probably they will open in RED as futures suggest. US Markets were closed yesterday due to Labour's Day. Today, SGX Nifty is trading around 5588, up 12 points. Probably, today's Nifty range will 5545-5610.
FOR INTRADAY: Nifty may open around 5580 and will try to cross 5600. If can't cross 5600 easily, I will short at that level only on intraday basis with strict stoploss at 5614.
DISCLAIMER: I have no open position
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