Benchmark indices have extended the gains led by financials and index heavyweight RIL along with Asian shares leading the gains.
The markets have also gained on speculation that the 16-day partial US government shutdown will curb economic growth in the world's biggest economy and lead the Federal Reserve to maintain monetary stimulus to the US economy into 2014.
Fed's bond-buying program has been a source of liquidity for most Asian and emerging markets this year.
By 10:15, the Sensex was higher by 228 points at 20,643 mark and the Nifty gained by 68 points at 6,114.
levels.
Speaking to Manu Kaushik of smartinvestor, Somil Mehta, Sr Technical Analyst (Equity) at Sharekhan safe haven stocks for this highly volatile market. He also outline the strategy to play L&T, Ultratech Cements ahead of their Q2 results. He expects IT sector to consolidate and TCS and Infosys to correct going ahead.
SmartInvestor : Where do you expect key benchmark indices headed today. What are the levels to watch out ?
Somil Mehta : Short term and medium out look remains positive Key support would be around 6000/5940 and target would be 6230/635. Today nifty is expected to close above 6100
SmartInvestor : What are your expectations from IT today. Do you see some recovery in TCS, Infosys? Any other favourites
Somil Mehta : IT sector is expected to consolidated after a very good run up in last 2-3 months. Today we can see a small correction. Infosys faces resistance at 3325 levels, I see it correcting to 3200. TCS could go down to 2,000 mark.
SmartInvestor : What should be the strategy to play to trade L&T and Ultratech cement ahead of their results?
