Bharat Thakur, assistant manager, Karvy Stock Broking said Nifty closed above 5000 mark, which is positive for the market sentiment. Sensex closed with good gains of 258 points at 16739 while Nifty ended up 78 points at 5037.According to Bharat, better expectations of results from Reliance Industries added to the positive market sentiments. Almost all Reliance Group stocks fared well at the bourses. Steel sector also remained in limelight. Major gainer includes Reliance Communications and Tata Steel.
He expects the same positive movement to continue on Tuesday as well, led by Reliance Industries. Short covering may be seen in stocks like Steel Authority of India (SAIL) ahead of F&O expiry.
He also added that now Nifty will test the range of 5250 to 5280 in next two to three trading sessions, with a stop loss of 4850.
Stocks to be watched out include Reliance pack, Tata Steel and some mid cap counters like Bartronics, GIPL and Ispat Industries.
Alex Mathew, head of research, Geojit Financial Services said , ``Volumes in the Nifty futures have come down, but futures started trading at a premium which is suggestive of short covering. Overall market breadth was positive coupled with good buying in Banking, Cement, and Telecom sectors which were the front runners today.``
As Nifty has breached the key resistance level of 5000; it may test 5135 levels in the short run before making a downtrend.
Suzlon, ICICI Bank, HDFC, Axis Bank may get more attention and may witness short covering. L&T, Welspun Gujarat and Ranbaxy may trade higher, recommended Alex.
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