The market opened on a positive note at 3221, with a three point jump over the previous close of 3208. Prices kept moving up gradually right through the day. The infotech stocks exhibited a price behaviour not in keeping with the overall market behaviour. But Bhel leapt up, triggering the index up further. Glaxo, Dr. Reddy were the other scrips which took the cue from the market.

The index posted a high of 3309 and closed at 3308. The day's low was at 3213, posting 55 points gain over the previous low of 3158.

The stochastic indicator isnow firmly in the positive mode, but it is very much at the bottom. Therefore, the scope for the index to move up higher is still sizeable. But that has to be viewed against the hefty rise of 99 points on Wednesday.

Looking to clues as to why stock prices moved up sharply across a wide front, the demat `no delivery' could well be a factor.

The index has now moved above the 200 day's moving average, which is at 3189. It has also broken upwards of the resistance line on the top, as shown in the graph.

On earlier occassions it had retracted after touching this line. Give room for reaction in response to the hefty 99 points rise of today. Beyond that, by virtue of the breakdown of the upward resistance line, the index is now targettng 3427 on the upside.