Equity benchmarks snapped a two-day losing streak and gained strength on Wednesday. The 30-share BSE Sensex rallied 241.17 points or 0.84 percent to 28984.49 and the 50-share NSE Nifty rose 66.20 points or 0.75 percent to 8945.80.
Bulls will have the upper hand in the near-term and take the market to upper levels, feels market expert Nimesh Shah. He said that new highs could be expected on the Nifty and the Sensex in the coming days.
Shah said that Wednesday's highs were backed by institutional buying as some bit of new money had been put in by Foreign Institutional Investors.
The market will sideways before it breaks out, said Ashwani Gujral of ashwanigujral.com. He said the next seven to eight sessions could witness consolidation, adding that Wednesday's upmove was misleading.
Anand Tandon felt the March 11 results of the Assembly elections in five states could derail of the market as there is no earnings support should the momentum be broken. He said the market is looking for a pause but cash flow is moving it up. He said the deluge of US regulator issues seemed to be behind the pharma sector and that the valuation fall will get corrected.
Market expert Mitesh Thakkar said 9000 would be a tough barrier for the markets to get past and 8880 will likely be the benchmark in the coming day's.!
"Sanjiv Prasad of Kotal Institutional Equities said that revenue in the telecom sector whole could decline and the impact of consolidation would be key."ACC CEAT Infosys