Mkt momentum high; 15,000 in sight

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Mkt momentum high; 15,000 in sight

It's a Wednesday morning and the markets are still at new highs. Yesterday the markets saw a thumping close. Also, global cues are okay this morning.

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It's a Wednesday morning and we are still at new highs. Yesterday the markets had a thumping close that has taken us close to the 15,000 mark, just a couple of 100 points to go. Global cues are okay this morning.

Tomorrow the US markets are shut, so will the market take another decisive step forward today? That is what we are playing for. There is also a very exciting listing from Vishal Retail to look forward to.

There is a lot of momentum in the market right now and the way this market is going, it may be about a day's work to get to that 15,000 mark. There are no set backs from the global arena, there is no dirth of liquidity, trading money is beginning to slosh around the futures market. So there is more upside in the near-term and there could be the odd knee-jerk, but that aside, it looks like we would be very surprised if we do not get to 15,000 soon.

Asian Indices

It's an okay morning for Asia too. The cues are flattish from the US as well, the Nikkei is absolutely flat, China is down a bit, Straits Times is flat, Hang Seng flat. It is the Korean market, which is looking extremely smart and is nearly 2% up. Thailand too over the last couple of days has looked very smart.

The going has been strong the past few days and particularly yesterday. Friday was a strong day and last three days we have struck on a good momentum trot.

So in the near-term, most people seem to be playing for another 400-500 points on the Sensex , which could take us to more then 15,200 kind of levels. Even on the Nifty , most people are talking about 4,450-4,500, so you have probably another 100-150 points on the Nifty. The current momentum does indicate, that kind of upside certainly cannot be ruled out in the near-term.

Flows are strong, global cues are extremely stable and generally positive, people are not too worried about a big backlash coming from the global markets just yet, because they have not had to deal with that for the better part of the last one month.

It will be clean run for the next three-four days untill the Infosys numbers come. So tthe markets will have a reasonable playing field for the traders and then as they get close to Tuesday, Wednesday which is when Infosys will speak, there could be a bit of edginess in the market, because that is a potential bump for the market.