Sensex will cross 15,000 level tomorrow

BSE's SENSEX is likely to cross the 15,000 level tomorrow and may hit the first upper circuit of 10 per cent as the upbeat market sentiment may attract retail investors to cash in on the bullish phase, analysts said.

Major market players were of the opinion that today's rally of nearly 20 per cent suggests the market might gather momentum in coming sessions amid picking up of capital inflows by foreign funds, and any support from retail investors would place the key-index beyond 15,000 points levels soon.

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"Market may see small movement of 500-700 points. It may witness 15,000 mark in intraday trade at which point it may see sell-off," Keynote Research Senior Vice President Nitin A Khandkar said.

After a sea-change in the market scenario, speculators would also run to cover up their pending short positions on fears of further upsurge in the share prices.

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"Investors who could not take part in the rally today may try to reap gains tomorrow," a NSE broker Rajeev Mallik said adding there were chances of the market hitting a 10 per cent upper circuit in early trade tomorrow. And if this happens, the barometer would be at around 15,500 points without taking much time, he said.

Many of the analysts feel the 30-share benchmark may touch the 15,000 level if the rally continues tomorrow, with some of them not ruling out that an upper circuit breaker might be hit again.

source economictimes