Nifty may test 5300 in 1-2 trading sessions

Excerpts from Bazaar on CNBC-TV18 Watch the full show » RELATED NEWS Support for Nifty shifts to 5100: An analysis ALSO READ See what other CNBC-TV18 anchors have to say Nifty BSE | NSE 30/05/12 Are Mutual Funds betting on Nifty?

The benchmark Nifty continued rally for the second consecutive day, reacting to positive global cues and added another 34 points. The index closed above the psychological 5200-mark for the first time since January 20, 2010. While the 30-share BSE Sensex closed at 17,490.08, up 106.90 points or 0.61%.

Commenting on the couple of good sessions on the trot, Udayan Mukherjee, Managing Editor of CNBC-TV18 said Nifty is no longer trapped below 5,150 levels. "We are now looking at January high of 5,300-may not happen immediately-but in the next day or two."

Here is a verbatim transcript of Udayan Mukherjee's comments on CNBC-TV18. Also see the accompanying video.

On global markets:

It is quite comforting for people to wake up to green every morning. I don't remember the last time or at least in recent weeks, we woke up to really bad sell-offs in the markets. Save that correction of 10-12% that all markets went through post the January move, generally, things have been extremely stable. You can call them boring at times but there have been no cracks, I don't remember a single session where global markets were down 2-2.5% in the morning.

At the pit of the stomach that settles things for traders because when you wake up to gap up, gap down openings then you don't have conviction in the market. So we went into a boring phase globally too and now most markets seem to be trading at near-term peaks or getting there, the commodities market has started moving up and the dollar has failed seemingly in its attempt to get above 81 and that too is something which traders would have noticed over the last few days.

This is not to say that there is no cloud on the horizon. It is just a miles and miles of blue in front of you but at least for the near-term, I think the mood is if not complacent more on the confident side.