The market opened on a bullish stance, opening with a gap on the upside at 4808, jumping 43 points from the previous close of 4765. It also dipped to the day's low of 4789 very soon, but the uptrend was restored very quickly. This strong opening helped pull up a number of stocks which were sagging.In the first half hour, the index leaped up to 4850 and stayed around that area for the next three hours. It leapt thereafter to a high of 4885. The last 40 minutes of trading saw a bout of profit taking, which led to the index closing at 4837. Among the Sensex heavyweights, both HLL and ITC moved ahead. ITC could be facing a resistance at the peak of the day at Rs 753.
However, the centrestage was taken by the software stocks, which again provided the drive to the mnarket. HLL was bullish (Rs 50). Aptech, Leading Edge, Pentamedia, Aftek Infosys and Rolta were strongly bullish. Aftek appears to have been a case of correction for the large decline on Friday.
Satyam Computers, Digital Equipment made a smalladvance. Digital is susceptibe for a reaction. Infosys moved up modestly, but volumes were good.Sensex has come up against a resistance at the peak of the day at 4885. If it manages to cross this convincingly, it has the potential to move up to 5200. But such an upmove will be stormy. You are well advised not to take new positions on this upmove, as the market can be very volatile and react downwards as fast as it moves up.
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