The market opened with the Sensex at 2921, a clear 46 points jump over the previous close of 2875. It posted an intra day high of 2977, which was 87 points higher than the previous high of 2890. The low at 2921 saw a similar rise. It was 70 points higher than the previous low. The Sensex closed at 2973, posting a gain of 98 points.

The big leap has pushed the daily stochastic from close to the oversold region into now overbought region! The surge has naturally triggered the RSI indicator into buy mode. ACC has the potential to move up to Rs 973.

Infosys Technologies has gone into a new territory, based on bonus consideration. It had hit the circuit breaker. NIIT too posted a 4.79 per cent gain, opening with a gap. Pentafour too did not lagbehind. Bajaj Auto gained strength after its rather weak closing previous Friday. Bhel's rise has been on smaller volume and it has a resistance at Rs 246. Even though BSES closed lower, its stochastic trigger has signalled a buy. At Gujarat Ambuja, profit taking would be the prudent thing to do. HLL continues to look strong and could help Sensex to move up further. HPCL looks uncertain with a risk downwards. Hindalco is up but closed lower.

Indian Hotel has a similar picture. Whether these scrips continue to gather strength on Tuesday. ITC is close to Rs 723 its previous high. The stochastic indicator has got into overbought zone. The rise has supported with volume, but not a spurt in volume. MTNL is set to rise further.

Reliance has a fair chance of seeing Rs 118 or even Rs 120. At Rs 152, Telco has come up level with it immediate previous high. It is now to be seen if it rises above this level with force.