This is about the best trading session that we have seen best trading session in a very long time. Globally speaking we have had a perky US market last few days. Asia gave us a good bounce this morning; Europe is bouncing as we speak globally for the first time in many days and weeks and even months we are seeing all rounds cheer and these are not small moves; 5% on the Sensex; 800 points, volumes are decent no need to get carried away but I think much better than yesterday. 

The breadth is very good after what we saw yesterday; the breadth has come back big time. So all in all this is about the best trading session that we have seen in a long while and it has at least raised the question; we don’t know the answers of whether the market is in the process of bottoming out. I think the answers are different; there is a debate which rages in the market as we speak but at least one glimmer of hope is visible after many days.   

Q: You want to see it hold these levels psychological or not you want to see a strong closing as well today after today’s performance? 

A: That may well happen because it’s been good; through the trading day we haven’t seen much by way of volatility but the bigger question is the kind of leadership with largecaps that we are seeing the small amounts of FII buying that we are beginning to see the clear improvement in global mood at least for the last few days after the Fed action are all this indications that we are trying to put a bottom in place that’s the more important thing. 

Levels are important but more than the levels a general change in sentiment; a visible change in sentiment is far more important and some institutional participation if it comes in is very important to determine whether the rally will hold because earlier rallies have been merely short covering rallies they haven’t had much by way of institutional support and they have tended to fizzle out. So more than 4,800-5,000 small-term levels moving averages etc one want to ask the bigger question on whether after the gloom and doom of the last one quarter and this is been a very painful period not quite the compressed one month sell off of May 2006 whether slowly, we are trying to get out of the woods led by the largecaps. 

I don’t know the answer to that I guess most people do not know but there would be varying opinions on it but for the day I think its be looked very good; we just hope that we don’t get another dose of bad news globally.