Mumbai: The BSE Sensex staged excellent performance on Monday, extending Friday's rally to 500 points in two sessions led by buying in most beaten down stocks. Upmove in global markets ahead of ECB and FOMC meet too aided the rally.
The 50-share NSE Nifty closed tad below the 5200 level at 5199.80, a gain of 99.95 points or 1.96 per cent over previous close.
Sudarshan Sukhani of s2analytics.com advised taking some long positions with low volumes. He feel this rally will face significant resistance at 5250 and even if it crosses that there is resistance at every 50 points in the Nifty.
The 30-share BSE benchmark rallied 304.49 points or 1.81 per cent to close at 17,143.68 with support from 27 stocks.
Small portion of today's rally may be on hopes of some surprise by the Reserve Bank of India in its first quarter monetary policy review on Tuesday. Majority of experts don't expect change in policy rates and cash reserve ratio as the inflation is still above the RBI's comfort level of 7 per cent. However, very few experts feel the RBI may cut repo rate by 25 basis points.
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