If these materialise, the Sensex would not find it difficult to reach up to the 4871 level. It could break this level in the current surge itself or retract and make one more attempt, shortly thereafter.

That is the view one gets looking at the market today. But let us not run away from the fact that market mood and sentiment changes as quickly as the English weather.

The index opened at 4780, jumping 47 points over the previous close of 4733. It posted an intra day high of 4832, which was a whopping 93 points jump over the previous high of 4739. In other words, the market has in the last two sessions quickly got back, what it lost. The intra-day low was 4765, a good 109 points jump over the corresponding figure ofthe previous day. The index closed at 4797 posting a gain of 64 points.

The S&P Nifty posted a high of 1429 thus going over the 1428 peak of the last few days. All the other indices also confirm that the force of a bull surge has been strong on Wednesday. The market breadth statistics not only confirm this, but could end up imparting further confidence in the market players to become bolder and exploit the potential opportunities, I had mentioned.

The number of advances at BSE went up from 833 to 1189 with advance volumes surging from Rs 1531 crore to Rs 2330 crore. The number of declines came down from 966 to 724, with volumes shrinking sharply from Rs 1213 crore to Rs 309 crore. At the NSE, the number of scrips in advance went up from 421 to 926, with advance volume going up from Rs 1764 crore to Rs 2581 crore.The number of declines nosedived from 724 to 221, with decline volumes being decimated from Rs 2127 crore to Rs 212 crore.