Shares of Reliance Industries, HDFC Bank, Larsen & Toubro, Tata Consultancy Services and Maruti Suzuki emerged as the top contributor to the rally in the market.
Mazhar Mohammad advised traders to hold their long positions with a stop below 11,553 on closing basis and should book profits close to 11,770 levels.
The 30-share Sensex closed 246 points, or 63 percent higher at 39,298.38, with 24 stocks in the green, while Nifty finished 76 points, or 0.65 percent up at 11,661.85, with 35 stocks up and 15 down.
Market participants say a volatile stock price is a challenge to fundraising, even though the bank has been claimed that it is on track to raise funds.
Dinesh Thakkar of Angel Broking said though MF inflows this year have slowed down, he was very confident that MF inflows will pick up from here on as market sentiment improves
FIIs have been net buyers for the past four trading sessions and have poured in more than Rs 2,000 crore in Indian equity markets since October 11, provisional data showed.
Mazhar Mohammad advised traders to create fresh long positions in index with a stop below 11,430 on closing basis and look for initial targets placed around 11,800.
Sensex closed 453.07 points higher or 1.17 percent at 39052.06, and the Nifty jumped 122.40 points or 1.07 percent at 11586.40.
Volatility needs to move below 16 for market up move to sustain. However above moving 18, could lead to profit booking in market.
Trends on SGX Nifty indicate a negative opening for the broader index in India
According to the pivot charts, the key support level for Nifty is placed at 11,423.07, followed by 11,382.13.
Traders are advised to hold long positions, if any, with a stop below 11,400 on closing basis, Mazhar Mohammad said.
The Sensex was up 92.90 points at 38,598.99, and the Nifty was up 43.25 points at 11,471.55.
The BSE Midcap index fell more than 4 percent against 9.5 percent rally in the Sensex during last one year.
Traders should focus on stock-specific opportunities and retain positive bias as long as the Nifty trades above 11,342, says Mazhar Mohammad
Vedanta, Mahindra & Mahindra and ONGC closed as the top gainers in the Sensex index, whereas Bharti Airtel, Infosys and Tata Motors emerged as the top losers in the index.
Sensex ended up 291.62 points or 0.76 percent at 38506.09, and the Nifty closed up 87.10 points or 0.77 percent at 11428.30. About 1100 shares have advanced, 1344 shares declined, and 184 shares are unchanged. Nifty Auto was the outperformer while IT stocks dragged.
Mazhar Mohammad said for time being, upsides shall continue to remain capped around 11,420 levels unless a decisive breakout is registered above the said level
Among the secondary indices, BSE Midcap outperformed Sensex, rising 0.44 percent while Smallcap index underperformed, ending with a mild gain of 0.12 percent.
The Sensex was up 87.39 points at 38,214.47, while Nifty was up 36.20 points at 11,341.20.
IRCTC listed at Rs 644 on the BSE, a 101.25 percent premium over its issue price of Rs 320 per share.
History suggests that while largecaps kick off a rally, it is the midcaps that lead the show as the bull run spreads wider and deeper
The credibility of the banking sector is badly hit by the revelations of fraud at the topmost level of management. It will not be easy for the sector to gain the investors' trust again.
Slowing global economic growth has been hurting Indian IT companies’ earnings. But Infosys is better placed than TCS to win large deals which will provide better growth visibility ahead
As many as 96 companies will declare their September quarter corporate earnings this week