Global good news to push Nifty towards Jan highs

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Global good news to push Nifty towards Jan highs

CNBC-TV18's Managing Editor Udayan Mukherjee said, "Yesterday the market just paused a little bit, something that had happened day before as well, but we are within striking distance of the January highs and there is global good news in the form of what S&P said yesterday."

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » RELATED NEWS Nifty may see expiry around 5250-5300: An analysis Experts guide on how to trade directionless markets ALSO READ See what other CNBC-TV18 anchors have to say Dalmia Sugar BSE | NSE 30/05/12 Are Mutual Funds betting on Dalmia Sugar?

Today is the last trading day of a week, which has promised a breakout on the Nifty. CNBC-TV18's Managing Editor Udayan Mukherjee said, "Yesterday the market just paused a little bit, something that had happened day before as well, but we are within striking distance of the January highs and there is global good news in the form of what S&P said yesterday."

He further said, "In any case there is a lot of stock specific action in companies like Dr Reddy's, Dalmia Cement to focus on today. So it should not be a boring session. Let us just hope we don't give up too much ground as we close the week and remain reasonably close to that January high of 5,300."

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

Q: Do we tail-end it nicely, this week?

A: I hope so. It has not been bad in the last couple of days. I believe we have consolidated the breakout gains quite well. It is interesting that there is so much dichotomy of opinion in the market now on whether the Nifty makes it to a new intermediate high or not. Since yesterday, we have heard so many voices saying that they would rather be selling into this rally and not going fresh long or buying stocks at this point in time.

This may well turn out to be the right call, but when you hear such a lot of skepticism after a seeming technical breakout, you wonder sometimes as the market will probably push the edges of that skepticism a little bit at least. So it is interestingly poised. There are two camps in the market if you will be around 5,300 and that always makes for interesting trading.