The Sensex on Thursday leapt to a high of 4730 points, scaling over the highof the last earlier three sessions. This has strong bullish connotation. Theindex closed at 4692, posting a hefty gain of 77 points ove the previousclose of 4615. The day's low in fact did not dip below the previous day'sclose. Such a pattern augurs well for the future course of the market.

The index has now to scale over 4770. The rise in price has come with a dropin volumes. That, coupled with the end of account consideration on Fridaymay prove to be a drag. ACC has been following the pattern of the Sensex andit has now the potential to move up further. Bajaj Auto has stabilised andhas managed to close higher. BSES has had a break-out with high volume. Infact, this typifies the opportunity in the market. While it is difficult topredict when a major player or group would enter a scrip, the one who hastaken a position and waits patiently gets rewarded. HLL has now foundinterest with investors and has moved up with volume. Infy tried a move upbut ended level. Ranbaxy is another scrip which has broken upwards.

The stochastic indicator for the index has changed its direction. It is yetto trigger a buy signal. But, in my view, it would be a mistake to wait forthis signal. It is time you took position. This recommendation is based onthe price formation pattern of both the Sensex as well as several otherscrips. Do not miss the bus. The risk is worth taking.