Markets at new highs

NSE’s Nifty closed at 5178.40, up 33.80 points or 0.66%, its highest close since May 5, 2008. BSE's 30-share Sensex ended at its highest close since May 16, 2008, at 17,360.61, up 129.50 points or 0.75%. In the broader market, gainers outnumbered losers at 1598:1253 on the BSE. The Nifty has moved in the 4800-5200 range in the last two months, as concerns that stock valuations are stretched sparked selling at the upper end of this band, while investors, who missed the rally since March 2009, bought above 4800.
Benchmark indices have almost doubled since March 10, 2009, aided by buying from foreign investors worth $15 billion. The Sensex has risen 80% in 2009, more than 72% increase in the MSCI emerging market index, as investors become increasingly optimistic about the prospects of the Indian economy. On Wednesday, foreign institutional net bought shares worth Rs769.53 crore. Their local counterparts kept purchases to the minimum at Rs13.02 crore.
Marketmen said investors in early trade were awaiting clear triggers after yesterday's massive rally. The sentiment got a boost when news of core sector growth and lower food inflation figures trickled in the afternoon. The late rally was driven by funds getting onto a buying spree, they added. Covering short positions ahead of the December expiry and a long four-day weekend also helped push the Sensex up.

As we have predicted and said on 20December'09, for the week, that 4930 is very crucial level on downside fo market movements, and failing to break this level .....bears will loose grip and above 5055 bulls will gain strength for new highs in this week............exactly the same happened in markets, Nifty fut made low of 4937 on downside and bouced back sharply to make new highs of 5209 on thursday. Hope you all must be minting money from our highly accurate market outlook and stock tips.

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