Supportive global cues may boost markets

Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See what other CNBC-TV18 anchors have to say Nifty BSE | NSE 10/02/12 Are Mutual Funds betting on Nifty?

Maybe happy days are here again, said CNBC-TV18's Managing Editor Udayan Mukherjee. "We have had a very big range over the last many sessions and that may just have broken yesterday. We said 'may' because we don't know for sure-it was just one day of upmove, backed by volumes, led by Reliance. It obviously is exciting to see the Nifty back at 5,200. Is it good enough to take us through the January high of 5,300 and beyond that? Global cues thankfully are supportive this morning, so no reason to sulk at least for starters.

Below is a verbatim transcript of his comments on CNBC-TV18. Also watch the accompanying video.

Q: What we started off was finished off by Ben Bernanke overnight.

A: Yes, it was good that we had some good global cues overnight because you did not want to get stopped out after that impressive move last evening. To start off well above 5,200 will reassure traders early in the day that we have started trading above 5,150-5,180 and 5,200 without going back immediately below that.

Today is an important session in this context of the follow up. It's not known whether the market can move higher from here. The global cues are fine today. What Ben Bernanke said about keeping interest as very low has helped the dollar index down to below 80 and commodities have moved up.

So crude is back above USD 82 per barrel. Therefore, there is a lot going for the market today. Even S&P has set some good things about Greece finally. So whether it is Europe or US, you have got some near-term positive fillip. This may just keep the market going a bit longer.