The Nifty managed to close above the 5K mark as huge buying continued to see in pharma, IT and oil & gas stocks which kept the market momentum going. The Sensex closed up 160 points at 16,853 after trading in the narrow range of 16,907 - 16,802. The Nifty shut at 5,007 up 48 points or 0.97%. Among the broader indices, midcap and smallcap were also up 1% each. The breadth remained strong for the entire session but the market total turnover were lower at 65,365 cr. The Oct Nifty future ended with 10 points discount.

Markets ended strong on positive global cues but participation was very lower due to lack of confidence in the market to sustain at higher levels. There was selling pressure witnessed on the Nifty due to which the Oct Nifty future ended with 10 point discount but the strong move from Reliance Ind, Bhel, ICICI Bank and Sun Pharma lifted the market sentiment.

For further fresh move to continue tomorrow, Nifty has to maintain above 5,020 for a target of 5,080 - 5,150. Immediate support is placed at 4,980-4,960 if this level is broken then we could see some selling pressure building and nifty might test 4,905-4,880 which is a turning point for the market from where a severe fall can be seen. Hence, market participant should watch these levels carefully and play accordingly.

STOCK IDEA:

1) CORE PROJECT (196) - Huge delivery based buying witnessed today, buy and hold from an investment view, strong support exits at 185-173 region, short term target looks 215-235.

2) DEWAN HSG (148) - Buy, huge delivery volume witnessed today, in the short term support is placed at 133 which is also the 50-day moving average. If the stock manages to maintain above the previous top of 165 made on 30th June 09, then look for 190 in the near term.

3) ICSA (208) - Buy and hold with a stop-loss of 197, the stock has been consolidating for some time in the region of 220-190, if the stock sustains above 214, then look for a target of 235-280 in the near term.

4) SUNIL HITECH (176) - Strong accumulation is happening in this counter, buy and hold with a stop-loss of 161, if this level gets broken then exit the stock or if the stock manages to maintain above 182 with huge volumes then look for a target of 202-220 in the near term.

5) RELIANCE IND (2,167) - Huge delivery volume witnessed today, the stock can be bought with a stop-loss of 2,125 for a target of 2,195, if the stock maintains above 2,195 decisively then look for 2260-2,330.

NIFTY DAILY CHART: Nifty is still trading above its trend-line support of 4,960 as shown below. Unless we see a break below this point with huge volume we don't see any threat to this current uptrend. On the higher side 5,020-5,030 has to be crossed and sustained by Nifty future to gain fresh momentum. Currently nifty is caught in a very small trading band from where a sharp move is expected on either side in coming days. But the trend is positive.