Bhupendra Sharma, vice president, Hornic Investments said that market was firm today (Feb 4). Sensex closed strong at 18660 up 417 points while Nifty ended up 146 points at 5463. According to him, reasonable selling was seen at higher levels. Since markets have moved up almost 1000 points in the last 2 to 3 trading sessions, some profit booking was seen.
Tech sector is performing well at the bourses. Stocks like Infosys, Satyam, Tech Mahindra were among the major gainers of the day.
Recovery is being seen as most of the over leveraged positions have been covered. According to him Sensex support is at 17600 and Nifty at 5400. He expects markets to remain volatile.
Markets may open weak on Tuesday but will recover in the later half of the trading session, he added. He is bullish on power sector and stocks to be watched out are GIPCL, Indo Asian Fuse, Torrent Power, Reliance Energy and Tata power.
Anuj Anandwala, analyst, KJMC Capital Services said that markets were on the upside and were tracking its global peers. It opened with an upward gap but came down from high`s over the day.
Refunds from Reliance Power IPO have poured in some liquidity in the system. Buying was seen across the board.
He expects markets to track global market in the next trading session as well. Markets may open positive, he added. He is bullish on index based stocks.
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