Moneycontrol Bureau
The market powered ahead on the back of strong global cues. It snapped four-day losing streak on Tuesday after rallying 500 points intra-day, aided by strong global support and short covering in the most beaten down stocks. Expectation of a well co-ordinated bailout plan for Europe triggered a rally across globe. The 30-share BSE Sensex shot up 472.93 points or 2.95%, to close at 16,524.03 and the 50-share NSE Nifty rose 135.85 points or 2.81%, to end at 4,971.25 led by broadbased buying. (See how was today trading session)
Dilip Bhat, Joint MD, Prabhudas Lilladher feels that we are in a bear market rally. So, according to Bhat, market will not have enough steam to sustain ahead and may touch only 5100-5200. He adds that the market is currently locked in a very narrow range of 4750-5100. He still feels that Indian market is still not cheap at the moment.
Mehraboon Irani, Nirmal Bang Securities agrees that the best time to go short could be behind us. Irani too feels that still little bit expensive. "It
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