Mumbai: Equity benchmarks gained more than 0.7 per cent on Wednesday, maintaining upward journey for the fourth consecutive session, supported majorly by oil & gas and metals stocks.
The BSE Sensex rose 137.75 points to close at 19367.59 and the NSE Nifty advanced 43 points to finish at 5742.30 after hitting an intraday high of 5754.55.
Technical Analyst, Sudarshan Sukhani of S2analytics.com feels that this rally should continue at least till 5800 at which point the markets will probably reappraise.
"We should be on the long side of the market, but this does not change the overall intermediate outlook. That unfortunately remains under pressure," Sukhani adds.
However, Amit Dalal, Executive Director of Tata Investment Corporation says that he would remain extremely cautious on the market.
"We have taken a very big call as a country in the last one month and that call has not yet transpired to what is expected from the actions that have taken place in the monetary system. On the contrary liquidity has been completely sucked out and it is expected to continue like this. We are in a very precarious state right now," Dalal explained.
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