The Nifty opened on a positive note today, 12 points up, at 5,468. However, the index immediately slipped in the negative to touch an intra-day low of 5,408. The Sensex hit an intra-day low of 18,050. Buying resumed immediately and the two benchmarks made a new seven-day intra-day high of 5,507 and 18,362, respectively. The Nifty's intra-day high touched the 20-day moving average. The 301-point loss on the Nifty between 4 February 2011 and 10 February has been covered up to the extent of 255 points in just three days of gains from 11 February.
The Nifty broke another level of resistance at 5,480 and closed 25 points up at 5,481, while the Sensex ended 72 points up at 18,274. The advance-decline ratio on the National Stock Exchange was 1016:806. The Nifty's next resistance is at 5,555. As we mentioned yesterday, if this level too is crossed in the next two days, the market will move up substantially-towards 5,700 and 5,800.