Breakoutttttt

09 Feb 2009 | 17:27
Breakoutttttt

Markets continued to move higher for the second consecutive session. In the process, they broke out of the 9000-9350/2750-2850 trading range. While the Sensex closed 283.03pts or 3.04% higher at 9,583.89, the Nifty gained 76.8 pts or 2.7% to close at 2919.9. The broad market indices too ended higher as the BSE Midcap and Small Cap indices were up by 1.7% and 1.63% respectively. Market breadth was positive as A/D ratio was 1.71:1 on the BSE.

All the sectoral indices ended higher. The top gainers were the BSE Metals, Consumer Durables, Capital goods, Oil and Gas and Bankex indices. The top gainers from the BSE-30 were JP Associates, Tata Steel, Rel Infra, Sterlite and ONGC. The top loser was HUL.

With the Nifty convincingly breaking out of the 2700-2850 range, we can look forward to further upsides till the 3100-3150 levels. We recommend a selective buying approach especially on declines.