Nifty ends above 5900, pace of rally baffles experts
Bulls were completely unstoppable rallying on consistent inflow from foreign institutional investors (FIIs) as equity benchmarks continued to outperform thier global peers.
April 04, 2011 / 16:58 IST
Bulls were completely unstoppable rallying on consistent inflow from foreign institutional investors (FIIs) as equity benchmarks continued to outperform thier global peers.
Experts were surprised by the today's rally -- everyone was expecting some profit booking or some consolidation. Even indices too were in consolidation mode in morning trade but post the noon trade, market put on the fourth gear and surprised everyone by crossing the 5900 mark on the Nifty -- near to three months high.The 50-share NSE Nifty rallied 82.40 points or 1.41%, to close at 5,908.45, supported by 40 stocks out of 50. The Nifty April futures ended at 40 points premium (provisional).It was surprising rally, says technical analyst Mitesh Thacker of miteshthacker.com. "We were not thinking of this level at the start of day today." Experts, who were talking about the correction two weeks back, were turned bullish on the market and talking about the 6,000 mark on the Nifty. The rally, which we have been seeing since March 22nd, was largely driven by FIIs - could be eyeing earnings for the year ended FY11.Nitin Raheja, CIO, Rada Advisors says, this is going to be a bottom up stock picking market for the next six months.
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