The Indian stock market made up for yesterday's losses,as it ended the day on a strong note. The Sensex ended 461 points higher, while Nifty closed 121 points up. The mid-cap and small-cap spaces also ended the day on a firm note with the BSE MIDCAP and BSE SMLCAP posting gains of 3.15% and 1.67% respectively. On the hourly chart,Nifty is forming an expanding triangle, which indicates that before showing new low, the domestic stock market may just kiss the previous high of 4636. Though the current rally will be just a sell-on-rise story. Nifty has also cleared the hourly averages. The daily momentum cycle is still under the command of bears. Bulls with 713 advances and 550 declines dominated the market breadth on the NSE,today.

The hourly momentum indicator KST has given a positive crossover. Our short-term bias is down for the target of 4200 with the reversal pegged at 4640, while our midterm bias is still up for the target of 4850 with reversal placed at 3861.

The market was abuzz with buying with realty, information technology and metal sectors taking the lead. From the 30 stocks that make the Sensex, DLF (up 10%), Jaiprakash Associates (up 8%) and Reliance Communications (up 7%) led the pack of gainers, while Grasim Industries (down 0.5%) and National Thermal Power Corporation (down 0.5%) led the group of losers.

(Disclaimer: The above chart shown is for study purpose only and not for trading decision)

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