Auto, realty and metal, too, made significant gains and oil & gas was the only sector that closed with only moderate gains.
The market breadth was positive with advances at 956 against declines of 477 on the NSE. The top Nifty gainers were SBI, BHEL, Tata Power, and PNB while losers included GAIL, BPCL, Maruti and ONGC.
Technical Analysis: The Sensex closed at 16417, up 199 points from its previous close, and the Nifty shut shop at 4986, up 65 points. On the higher side Nifty 5000 and 5050 is a strong resistance levels while on the lower side 4950 is the strong support level.
Suggested Strategy: The markets have turned positive in line with the slight appreciation of Rupee. The markets seemed to have turned for the better at least from the short term perspective. Trading may be done in small lots and booking profits at higher levels would be in order till a clear cut direction is seen.
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