Market likely to move up on Monday

Bharat Thakur, assistant manager, Karvy Stock Broking said that new month began on a cheerful note. After a long time, markets moved up. Overall buying was seen in the market today (February 1). International cues remained good, which supported the upward move. Value buying was mainly seen in IT stocks like Infosys, TCS, Satyam, Mphasis BFL etc.

Sensex closed up 584.7 points at 18,233 while Nifty ended at 5,317 up by 179.8 points.

Action was mainly seen in frontline large cap counters, added Bharat. In the last hours of the trade Reliance Industries saw some upward movement, which is good for the markets. Mid caps continued to end in red.

Since market has closed above support of 18,200, it is good for the market sentiment. He expects markets to continue to move up on Monday ahead of Reliance Power listing next week.

He is bullish on IT and power stocks. Stocks to be watched out are NTPC, Power Grid, Reliance Energy, Infosys, Satyam, Reliance Industries and reliance Capital.

Prakash Rajdev, chief dealer, Khandwala Securities stated that market is still rangebound, ibase has been made at lower levels. After mid session markets started moving up mainly due to value buying and short covering. Most of the IT and metal counters were up today.

According to Rajdev, markets will continue to trade in a range on Monday. Nifty supprt is at 5,040 and resistance at 5,400. He remains bullish on cement sector.